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6-3.1-34-22. Annual aggregate credit limit

IN Code § 6-3.1-34-22 (2019) (N/A)
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Effective 1-1-2020.

Sec. 22. (a) Except as provided in subsection (b), the total amount of credits that the corporation may award under this chapter for a state fiscal year for all taxpayers for all qualified investments is fifty million dollars ($50,000,000). The portion of the credits that is subject to a repayment provision under section 18(b) or 18(c) of this chapter is not included in the calculation of the annual limit.

(b) If the corporation determines that a credit should be awarded under this chapter for a taxpayer's qualified investment but the award:

(1) will result in the corporation's cumulative credit awards under this chapter for a state fiscal year for all taxpayers for all qualified investments to exceed the limit established by subsection (a); or

(2) should not be considered when calculating the corporation's cumulative credit awards under this chapter for a state fiscal year for all taxpayers for all qualified investments;

the corporation may, after review by the budget committee, enter into an agreement with the taxpayer under section 17 of this chapter.

As added by P.L.158-2019, SEC.29.

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