Ind. Code ch. 6-3.1-45

in effect

Ind. Code § 6-3.1-45-1 Applicability

Sec. 1. This chapter applies to a taxable year beginning after December 31, 2024. As added by P.L.217-2025, SEC.1.

Ind. Code § 6-3.1-45-2 "Department"

Sec. 2. As used in this chapter, "department" refers to the department of state revenue. As added by P.L.217-2025, SEC.1.

Ind. Code § 6-3.1-45-3 "Qualified investment"

Sec. 3. As used in this chapter, "qualified investment" means a taxpayer's expenditures incurred in the manufacture of a small modular nuclear reactor in Indiana. As added by P.L.217-2025, SEC.1.

Ind. Code § 6-3.1-45-4 "Small modular nuclear reactor"

Sec. 4. As used in this chapter, "small modular nuclear reactor" means a nuclear reactor that: (1) has a rated electric generating capacity of not more than four hundred seventy (470) megawatts; (2) is capable of being constructed and operated, either: (A) alone; or (B) in combination with one (1) or more similar reactors if additional reactors are, or become, necessary; at a single site; and (3) is required to be licensed by the United States Nuclear Regulatory Commission. The term includes a nuclear reactor that is described in this section and that uses a process to produce hydrogen that can be used for energy storage, as a fuel, or for other uses. As added by P.L.217-2025, SEC.1.

Ind. Code § 6-3.1-45-5 "State tax liability"

Sec. 5. As used in this chapter, "state tax liability" means a taxpayer's total tax liability that is incurred under: (1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax); (2) IC 6-5.5 (the financial institutions tax); and (3) IC 27-1-18-2 (the insurance premiums tax); as computed after the application of the credits that under IC 6-3.1-1-2 are to be applied before the credit provided by this chapter. As added by P.L.217-2025, SEC.1.

Ind. Code § 6-3.1-45-6 "Taxpayer"

Sec. 6. As used in this chapter, "taxpayer" means a person, corporation, partnership, or other entity that makes a qualified investment. As added by P.L.217-2025, SEC.1.

Ind. Code § 6-3.1-45-7 Credit for qualified investment; amount of credit

Sec. 7. A taxpayer is entitled to a credit against the taxpayer's state tax liability in the taxable year in which the taxpayer makes a qualified investment. The amount of the credit provided by this section is equal to twenty percent (20%) of the amount of the taxpayer's qualified investment. As added by P.L.217-2025, SEC.1.

Ind. Code § 6-3.1-45-8 Carryover of excess credit; taxpayer not entitled to carryback or refund

Sec. 8. (a) If the amount determined under section 7 of this chapter for a taxpayer in a taxable year exceeds the taxpayer's state tax liability for that taxable year, the taxpayer may carry the excess over to the following taxable years. The amount of the credit carryover from a taxable year shall be reduced to the extent that the carryover is used by the taxpayer to obtain a credit under this chapter for any subsequent taxable year. (b) A taxpayer is not entitled to a carryback or refund of any unused credit. As added by P.L.217-2025, SEC.1.

Ind. Code § 6-3.1-45-9 Pass through entity without state tax liability; tax credit for shareholder, partner, or member

Sec. 9. (a) If a pass through entity is entitled to a credit under section 7 of this chapter but does not have state tax liability against which the tax credit may be applied, an individual who is a shareholder, partner, or member of the pass through entity is entitled to a tax credit equal to: (1) the tax credit determined for the pass through entity for the taxable year; multiplied by (2) the percentage of the pass through entity's distributive income to which the shareholder, partner, or member is entitled. (b) The credit provided under subsection (a) is in addition to a tax credit to which a shareholder, partner, or member of a pass through entity is otherwise entitled under this chapter. However, a pass through entity and an individual who is a shareholder, partner, or member of the pass through entity may not claim more than one (1) credit for the same qualified investment. As added by P.L.217-2025, SEC.1.

Ind. Code § 6-3.1-45-10 Claiming credit; annual state tax return; required information

Sec. 10. To receive the credit provided by this chapter, a taxpayer must claim the credit on the taxpayer's annual state tax return or returns in the manner prescribed by the department. The taxpayer shall submit to the department: (1) information verifying that the taxpayer's qualified investment was made with respect to a small modular nuclear reactor that will be manufactured in Indiana; and (2) all information that the department determines is necessary for the calculation of the credit provided by this chapter. As added by P.L.217-2025, SEC.1.

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