CHAPTER 31.5. ENERGY SAVINGS TAX CREDIT
IC 6-3.1-31.5
Chapter 31.5. Energy Savings Tax Credit
IC 6-3.1-31.5-1
Application of chapter
Sec. 1. This chapter applies only to taxable years beginning after
December 31, 2008.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-2
"Energy star heating and cooling equipment"
Sec. 2. As used in this chapter, "energy star heating and cooling
equipment" means heating and cooling equipment that is rated for
energy efficiency under the federal energy star program and
manufactured in the United States.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-3
"Energy star program"
Sec. 3. As used in this chapter, "energy star program" refers to the
program established by Section 324A of the federal Energy Policy
and Conservation Act.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-4
"Heating and cooling equipment"
Sec. 4. As used in this chapter, "heating and cooling equipment"
means:
(1) a furnace;
(2) a water heater;
(3) central air conditioning;
(4) a room air conditioner; and
(5) a programmable thermostat.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-5
"Pass through entity"
Sec. 5. 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.175-2007, SEC.8.
IC 6-3.1-31.5-6
"Small business"
Sec. 6. As used in this chapter, "small business" has the meaning
set forth in IC 4-4-5.2-3.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-7
"State tax liability"
Sec. 7. As used in this chapter, "state tax liability" means the
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); and
(3) IC 6-5.5 (the financial institutions 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.175-2007, SEC.8.
IC 6-3.1-31.5-8
"Taxpayer"
Sec. 8. As used in this chapter, "taxpayer" means:
(1) an individual filing a single return;
(2) a married couple filing a joint return; or
(3) a small business;
that has any state tax liability.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-9
Credit entitlement and amount
Sec. 9. Subject to section 12 of this chapter, a taxpayer is entitled
to a credit against the taxpayer's state tax liability for a taxable year
equal to the lesser of the following:
(1) Twenty percent (20%) of the amount of expenditures for
energy star heating and cooling equipment incurred by the
taxpayer during the taxable year.
(2) One hundred dollars ($100).
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-10
Allocation of credit among shareholders, partners, and members
Sec. 10. (a) If a pass through entity is entitled to a credit under
this chapter but does not have state tax liability against which the
credit may be applied, an individual who is a shareholder, partner, or
member of the pass through entity is entitled to a credit equal to:
(1) the credit determined for the pass through entity for the
taxable year; multiplied by
(2) the percentage of the pass through entity's distributable
income to which the individual 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 expenditures for energy star heating and cooling
equipment.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-11
Credit carryover, carryback, or refund unavailable
Sec. 11. The amount of a credit claimed under this chapter may
not exceed a qualified taxpayer's state tax liability. A taxpayer is not
entitled to a carryback, carryover, or refund of an unused credit.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-12
Credit not assignable
Sec. 12. A taxpayer may not sell, assign, convey, or otherwise
transfer the tax credit provided by this chapter.
As added by P.L.175-2007, SEC.8.
IC 6-3.1-31.5-13
Maximum amount of credits; expiration
Sec. 13. (a) The total amount of tax credits allowed under this
chapter may not exceed one million dollars ($1,000,000) in a state
fiscal year.
(b) A taxpayer may not be awarded a credit under this chapter for
taxable years beginning after December 31, 2010.
As added by P.L.175-2007, SEC.8. Amended by P.L.211-2007,
SEC.29.
IC 6-3.1-31.5-14
Claim procedure
Sec. 14. 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 all information that the department
determines is necessary for the calculation of the credit provided by
this chapter.
As added by P.L.175-2007, SEC.8.