Ind. Code § 6-3.1-18-0.3 "Authority"
Sec. 0.3. As used in this chapter, "authority" means the Indiana housing and community development authority established by IC 5-20-1-3.
As added by P.L.124-2024, SEC.19.
Ind. Code ch. 6-3.1-18
Ind. Code ch. 6-3.1-18
in effectInd. Code § 6-3.1-18-0.5 "Business firm"
Sec. 0.5. As used in this chapter, "business firm" means any business entity authorized to do business in the state of Indiana that has state tax liability.
As added by P.L.124-2024, SEC.20.
Ind. Code § 6-3.1-18-0.7 "Community based organization"
Sec. 0.7. As used in this chapter, "community based organization" has the meaning set forth in IC 4-4-28-1.7.
As added by P.L.124-2024, SEC.21.
Ind. Code § 6-3.1-18-1 "Community development corporation"
Sec. 1. As used in this chapter, "community development corporation" has the meaning set forth in IC 4-4-28-2.
As added by P.L.15-1997, SEC.2.
Ind. Code § 6-3.1-18-2 "Fund"
Sec. 2. As used in this chapter, "fund" refers to an individual development account fund established by a community development corporation or community based organization under IC 4-4-28-13.
As added by P.L.15-1997, SEC.2. Amended by P.L.124-2024, SEC.22.
Ind. Code § 6-3.1-18-3 "Individual development account"
Sec. 3. As used in this chapter, "individual development account" has the meaning set forth in IC 4-4-28-5.
As added by P.L.15-1997, SEC.2.
Ind. Code § 6-3.1-18-4 "Pass through entity"
Sec. 4. As used in this chapter, "pass through entity" means:
(1) a corporation that is exempt from the adjusted gross income tax under IC 6-3-2-2.8(2);
(2) a partnership;
(3) a limited liability company; or
(4) a limited liability partnership.
As added by P.L.15-1997, SEC.2.
Ind. Code § 6-3.1-18-4.3 "Person"
Sec. 4.3. As used in this chapter, "person" means any individual subject to Indiana adjusted gross income tax.
As added by P.L.124-2024, SEC.23.
Ind. Code § 6-3.1-18-4.5 "Qualified contribution"
Sec. 4.5. As used in this chapter, "qualified contribution" means a contribution to a fund for which a community development corporation or community based organization has received an allocation of tax credits under IC 4-4-28-13.
As added by P.L.50-2016, SEC.10. Amended by P.L.124-2024, SEC.24.
Ind. Code § 6-3.1-18-5 "State tax liability"
Sec. 5. As used in this chapter, "state tax liability" means a taxpayer's total tax liability incurred under:
(1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax); and
(2) IC 6-5.5 (the financial institutions tax);
as computed after the application of all 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.15-1997, SEC.2. Amended by P.L.192-2002(ss), SEC.111.
Ind. Code § 6-3.1-18-6 Credit; amount; calculation; application
Sec. 6. (a) Subject to the limitations provided in subsection (b) and sections 7, 8, 9, 10, and 11 of this chapter, the department shall grant a tax credit against any state tax liability due equal to fifty percent (50%) of the amount of a qualified contribution made in a taxable year by a business firm or person if the qualified contribution is not less than one hundred dollars ($100) and not more than fifty thousand dollars ($50,000).
(b) The credit provided by this chapter shall only be applied against any state tax liability owed by the taxpayer after the application of any credits that under IC 6-3.1-1-2 must be applied before the credit provided by this chapter.
As added by P.L.15-1997, SEC.2. Amended by P.L.4-1999, SEC.4; P.L.192-2002(ss), SEC.112; P.L.50-2016, SEC.11; P.L.124-2024, SEC.25.
Ind. Code § 6-3.1-18-7 Application of tax credit to pass through entities; calculation
Sec. 7. If a pass through entity is entitled to a credit under section 6 of this chapter but does not have state tax liability against which the tax credit may be applied, 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.
As added by P.L.15-1997, SEC.2.
Ind. Code § 6-3.1-18-8 Credit supplement; other credits
Sec. 8. The credit provided under section 7 of this chapter is in addition to a tax credit to which a shareholder, partner, or member of a pass through entity is otherwise entitled under IC 6-3, this article, or IC 6-5.5. However, a pass through entity and a shareholder, partner, or member of the pass through entity may not claim more than one (1) credit for the same qualified expenditure.
As added by P.L.15-1997, SEC.2. Amended by P.L.1-2003, SEC.38; P.L.269-2003, SEC.10.
Ind. Code § 6-3.1-18-9 Documentation for credit; form; contents; notification of credit allowable
Sec. 9. (a) The community development corporation or community based organization, on behalf of a business firm or person that desires to claim a tax credit as provided in this chapter, shall file with the authority, in the form approved by the authority, documentation stating the amount of the qualified contribution that would qualify for a tax credit, and the amount allocated to the business firm or person to be claimed as a credit.
(b) The department shall promptly notify a business firm or person whether, or the extent to which, the tax credit is allowable in the state fiscal year in which the tax return claiming the credit is filed, as provided in section 6 of this chapter.
(c) The department shall consider documentation from the authority as proof of payment, setting forth that the amount to be claimed as a credit under this chapter has been paid to a community development corporation or a community based organization as a qualified contribution to the fund of the community development corporation or the community based organization fund for the current state fiscal year, or permanently set aside in a special account to be used solely for this fund.
As added by P.L.15-1997, SEC.2. Amended by P.L.50-2016, SEC.12; P.L.124-2024, SEC.26.
Ind. Code § 6-3.1-18-10 Amount of tax credits allowed
Sec. 10. (a) The amount of tax credits allowed under this chapter may not exceed two hundred thousand dollars ($200,000) in any state fiscal year.
(b) The department shall:
(1) record the time of filing of each tax return claiming the credit under section 9 of this chapter; and
(2) approve the credit, if the business firm or person claiming the credit otherwise qualifies for a tax credit under this chapter, in the chronological order in which the tax return claiming the credit is filed in the state fiscal year.
(c) When the total credits approved under this section equal the maximum amount allowable in any state fiscal year, no credits thereafter filed for that same fiscal year shall be approved.
As added by P.L.15-1997, SEC.2. Amended by P.L.289-2001, SEC.14; P.L.124-2024, SEC.27.
Ind. Code § 6-3.1-18-11 Tax credit available only in year paid
Sec. 11. A tax credit shall be allowable under this chapter only for the taxable year of the taxpayer in which the contribution qualifying for the credit is paid.
As added by P.L.15-1997, SEC.2.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/6Fetched: 10/17/2026