312 Ind. Admin. Code 23-3-4

Current through October 31, 2024

Section 312 IAC 23-3-4 - Annual limitation on total state tax credits; maximum credit for each application; queue for qualified taxpayers

Authority: IC 6-3.1-16-15; IC 14-10-2-4; IC 14-21-1-31

Affected: IC 6-3.1-16-14; IC 14-21-1

Sec. 4.

(a) The total amount of historic rehabilitation tax credits that may be allowed under this article, for each state fiscal year, cannot exceed the amount stated in IC 6-3.1-16-1Sec. 4.

(b) No person shall receive a tax credit in excess of one hundred thousand dollars ($100,000) for an application approved under this article.

(c) Applications for a tax credit shall be accepted beginning on February 15, 1994, by the division. No application shall qualify for a tax credit until the project work has been certified by the division as provided in section 3(e) and 3(f) of this rule. The division shall place each application certified under section 3(e) and 3(f) of this rule in a queue.

(d) Subject to subsections (a) and (b), an application placed in a queue qualifies for a twenty percent (20%) historic rehabilitation tax credit. The division shall notify those applicants in the queue who have qualified for credits, and the revenue department, of both of the following:

(1) The amount of credit to which each applicant is entitled.

(2) The state fiscal year in which the applicant may claim the credit.

(e) Subject to subsections (a) and (b), certified applications in the queue that follow those qualified for credits in the current year shall receive credits in the following state fiscal year, up to the annual limitation described in IC 6-3.1-16-14. The same pattern shall be repeated in each subsequent state fiscal year.

(f) If the result of an applicant receiving a credit under subsection (d) or (e) would be to exceed the annual cap, the excess is allowed as part of the amount eligible for credits in the following state fiscal year.

(g) A person placed in the queue under 310 IAC 24-3, before its repeal, shall maintain entitlement to the same order in the queue and the same amount of credit as if 310 IAC 24-3 had not been repealed.

312 IAC 23-3-4

Natural Resources Commission; 312 IAC 23-3-4; filed Nov 4, 1999, 10:04 a.m.: 23 IR 551; readopted filed Aug 4, 2005, 6:00 p.m.: 28 IR 3661; readopted filed Jul 28, 2011, 10:28 a.m.: 20110824-IR-312110103RFA