Sec. 14. (a) A taxpayer that: (1) is awarded a tax credit under this chapter by the corporation; and (2) complies with the conditions set forth in this chapter and the agreement entered into by the corporation and the taxpayer under this chapter; is entitled to a credit against the taxpayer's state tax liability for a taxable year in which the taxpayer places into service an integrated coal gasification powerplant or a fluidized bed combustion technology and for the taxable years provided in section 16 of this chapter. (b) A tax credit awarded under this chapter must be applied against the taxpayer's state tax liability in the following order: (1) Against the taxpayer's liability incurred under IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax). (2) Against the taxpayer's liability incurred under IC 6-5.5 (the financial institutions tax). (3) Against the taxpayer's liability incurred under IC 27-1-18-2 (the insurance premiums tax). (4) Against the taxpayer's liability incurred under IC 6-2.3 (the utility receipts tax) (before its repeal).
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.