CHAPTER 17. INDIANA RIVERBOAT BUILDING CREDIT
IC 6-3.1-17
Chapter 17. Indiana Riverboat Building Credit
IC 6-3.1-17-1
"Qualified investment" defined
Sec. 1. As used in this chapter, "qualified investment" means costs
incurred to build or refurbish a riverboat in Indiana that are approved
by the Indiana economic development corporation under section 7 of
this chapter.
As added by P.L.19-1994, SEC.10. Amended by P.L.4-2005, SEC.91.
IC 6-3.1-17-2
"Riverboat" defined
Sec. 2. As used in this chapter, "riverboat" has the meaning set
forth in IC 4-33-2-17.
As added by P.L.19-1994, SEC.10.
IC 6-3.1-17-3
"State tax liability" defined
Sec. 3. 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 27-1-18-2 (the insurance premiums tax);
(3) IC 6-5.5 (the financial institutions tax); and
(4) IC 6-2.5 (the state gross retail and use 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.19-1994, SEC.10. Amended by P.L.192-2002(ss),
SEC.110.
IC 6-3.1-17-4
"Taxpayer" defined
Sec. 4. As used in this chapter, "taxpayer" means an individual or
entity that has any state tax liability.
As added by P.L.19-1994, SEC.10.
IC 6-3.1-17-5
Entitlement to and amount of credit
Sec. 5. (a) A taxpayer is entitled to a credit against the taxpayer's
state tax liability for a taxable year if the taxpayer makes a qualified
investment in that taxable year.
(b) The amount of the credit to which a taxpayer is entitled is
equal to fifteen percent (15%) multiplied by the qualified investment
made by the taxpayer during the taxable year.
As added by P.L.19-1994, SEC.10.
IC 6-3.1-17-6
Carryover of credit
Sec. 6. (a) If the amount determined under section 5(b) 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.19-1994, SEC.10.
IC 6-3.1-17-7
Determination of qualified investment
Sec. 7. (a) To be entitled to a credit under this chapter, a taxpayer
must request the Indiana economic development corporation to
determine whether costs incurred to build or refurbish a riverboat are
qualified investments.
(b) The request under subsection (a) must be made before the
costs are incurred.
(c) The Indiana economic development corporation shall find that
costs are a qualified investment to the extent that the costs result:
(1) from work performed in Indiana to build or refurbish a
riverboat; and
(2) in taxable income to any other Indiana taxpayer;
as determined under the standards adopted by the Indiana economic
development corporation.
As added by P.L.19-1994, SEC.10. Amended by P.L.4-2005, SEC.92.
IC 6-3.1-17-8
Claim for credit
Sec. 8. To receive the credit provided by this chapter, a taxpayer
must claim the credit on the taxpayer's state tax return or returns in
the manner prescribed by the department. The taxpayer shall submit
to the department the certification of credit by the Indiana economic
development corporation, proof of payment of the certified qualified
investment, and all information that the department determines is
necessary for the calculation of the credit provided by this chapter
and for the determination of whether an investment cost is a qualified
investment cost.
As added by P.L.19-1994, SEC.10. Amended by P.L.4-2005, SEC.93.
IC 6-3.1-17-9
Aggregate monetary limitation on credits
Sec. 9. (a) The amount of tax credits allowed under this chapter
may not exceed one million dollars ($1,000,000) in a state fiscal
year.
(b) The department shall record the time of filing of each
application for allowance of a credit under section 8 of this chapter
and shall approve the applications, if they otherwise qualify for a tax
credit under this chapter, in the chronological order in which the
applications are filed in the state fiscal year.
(c) When the total credits approved under this section equal the
maximum amount allowable in a state fiscal year, no application
thereafter filed for that same fiscal year shall be approved. However,
if an applicant for whom a credit has been approved fails to file the
statement of proof of payment required under section 8 of this
chapter, an amount equal to the credit previously allowed or set aside
for the applicant may be allowed to any subsequent applicant in the
year. In addition, the department may, if the applicant so requests,
approve a credit application, in whole or in part, with respect to the
next succeeding state fiscal year.
As added by P.L.19-1994, SEC.10.