Indiana § 5-28-6-9 - Annual aggregate applicable tax credit limit

§ 5-28-6-9. Annual aggregate applicable tax credit limit

Sec. 9. (a) Subject to subsection (c), the aggregate amount of applicable tax credits that the corporation may certify:

(1) for each state fiscal year ending on or before June 30, 2025, for all taxpayers is two hundred fifty million dollars ($250,000,000); and

(2) for each state fiscal year ending on or after July 1, 2025, for all taxpayers is three hundred million dollars ($300,000,000), fifty million dollars ($50,000,000) of which must be allocated to fund qualified community projects within local government units under IC 6-3.1-34-24 and to fund development authorities under IC 6-3.1-34-0.5. Each tax credit award is subject to budget committee review:

(A) beginning after February 1, 2026, and before May 1, 2026, after the first calendar quarter in which the award is made; and

(B) after April 30, 2026, at the next budget committee meeting immediately following the date of the tax credit award.

(b) For purposes of determining the amount of applicable tax credits that have been certified for a state fiscal year, the following apply:

(1) An applicable tax credit is considered awarded in the state fiscal year in which the taxpayer can first claim the credit, determined without regard to any carryforward period or carryback period.

(2) An applicable tax credit awarded by the corporation before July 1, 2022, shall be counted toward the aggregate credit limitation under this section.

(3) If an accelerated credit is awarded under IC 6-3.1-26-15, the amount counted toward the aggregate credit limitation under this section for a state fiscal year shall be the amount of the credit for the taxable year described in subdivision (1) prior to any discount.

(c) Notwithstanding subsection (a), if the corporation determines that:

(1) an applicable tax credit should be certified in a state fiscal year; and

(2) certification of the applicable tax credit will result in an aggregate amount of applicable tax credits certified for that state fiscal year that exceeds the maximum amount provided in subsection (a);

the corporation may, after review by the budget committee, certify the applicable tax credit to the taxpayer.

(d) This section expires December 31, 2032.

As added by P.L.135-2022, SEC.3. Amended by P.L.201-2023, SEC.85; P.L.213-2025, SEC.69; P.L.162-2026, SEC.2.