Ind. Code ch. 6-1.1-8.2

in effect

Ind. Code § 6-1.1-8.2-1 "Qualified expenditures" defined

Sec. 1. (a) As used in this chapter, "qualified expenditures" means expenditures made by a taxpayer during a particular calendar year on the maintenance or improvement in Indiana of railcars owned or used by the taxpayer. (b) The term includes, but is not limited to, the following: (1) Expenses for: (A) labor; (B) materials; or (C) overhead; that are incurred by a taxpayer in the maintenance or improvement of a railcar owned or used by the taxpayer. (2) Payments made by a taxpayer to others for the purpose of performing the maintenance or improvement of a railcar. As added by P.L.253-1999, SEC.2. Amended by P.L.38-2021, SEC.20.

Ind. Code § 6-1.1-8.2-2 "Taxpayer" defined

Sec. 2. As used in this chapter, "taxpayer" means a railcar company (as defined by IC 6-1.1-8-2). As added by P.L.253-1999, SEC.2. Amended by P.L.38-2021, SEC.21.

Ind. Code § 6-1.1-8.2-3 "Tax liability" defined

Sec. 3. As used in this chapter, "tax liability" means a railcar company's tax liability under IC 6-1.1-8-35. The term does not include interest or penalties. As added by P.L.253-1999, SEC.2. Amended by P.L.38-2021, SEC.22.

Ind. Code § 6-1.1-8.2-4 Entitlement to credit

Sec. 4. A taxpayer is entitled to a credit against the taxpayer's tax liability in an amount set forth in section 5 of this chapter. As added by P.L.253-1999, SEC.2.

Ind. Code § 6-1.1-8.2-5 Determination of amount of credit

Sec. 5. (a) Subject to subsection (b), the amount of the credit that a taxpayer is entitled to under section 4 of this chapter for a particular calendar year is equal to the lesser of: (1) twenty-five percent (25%) of the qualified expenditures made by the taxpayer in the calendar year immediately preceding the calendar year in which the tax liability is imposed; or (2) the taxpayer's total tax liability for the calendar year. (b) The total amount of credits provided under this chapter in a calendar year may not exceed two million eight hundred thousand dollars ($2,800,000). If the total amount of credits applied for in a calendar year exceeds the maximum provided under this subsection, each taxpayer's credit shall be reduced by an amount determined under the following STEPS: STEP ONE: Divide the maximum amount of credits provided by this chapter for the year by the total amount of credits applied for under this chapter for the year. STEP TWO: Multiply the STEP ONE result by the total amount of credits applied for by the taxpayer for the year. As added by P.L.253-1999, SEC.2.

Ind. Code § 6-1.1-8.2-6 Filing expenditure statement

Sec. 6. To obtain the credit provided by section 4 of this chapter for a particular calendar year, a taxpayer must file with the department of local government finance an accurate statement of the qualified expenditures that entitle the taxpayer to a credit. The statement must be filed: (1) in the form prescribed by the department of local government finance; and (2) with the statement required for the calendar year to which the credit applies under IC 6-1.1-8-19. As added by P.L.253-1999, SEC.2. Amended by P.L.90-2002, SEC.88.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/6Fetched: 10/17/2026