2010 Indiana Code
TITLE 6. TAXATION
ARTICLE 1.1. PROPERTY TAXES
CHAPTER 8.2. CREDIT FOR RAILROAD CAR MAINTENANCE AND IMPROVEMENTS

IC 6-1.1-8.2
     Chapter 8.2. Credit for Railroad Car Maintenance and Improvements

IC 6-1.1-8.2-1
"Qualified expenditures" defined
     Sec. 1. (a) As used in this chapter, "qualified expenditures" means expenditures made by a taxpayer during a particular calendar year on the maintenance or improvement in Indiana of railroad cars owned or used by the taxpayer.
    (b) The term includes, but is not limited to, the following:
        (1) Expenses for:
            (A) labor;
            (B) materials; or
            (C) overhead;
        that are incurred by a taxpayer in the maintenance or improvement of a railroad car owned or used by the taxpayer.
        (2) Payments made by a taxpayer to others for the purpose of performing the maintenance or improvement of a railroad car.
As added by P.L.253-1999, SEC.2.

IC 6-1.1-8.2-2
"Taxpayer" defined
     Sec. 2. As used in this chapter, "taxpayer" means a railroad car company (as defined by IC 6-1.1-8-2).
As added by P.L.253-1999, SEC.2.

IC 6-1.1-8.2-3
"Tax liability" defined
     Sec. 3. As used in this chapter, "tax liability" means a railroad car company's tax liability under IC 6-1.1-8-35. The term does not include interest or penalties.
As added by P.L.253-1999, SEC.2.

IC 6-1.1-8.2-4
Entitlement to credit
     Sec. 4. A taxpayer is entitled to a credit against the taxpayer's tax liability in an amount set forth in section 5 of this chapter.
As added by P.L.253-1999, SEC.2.

IC 6-1.1-8.2-5
Determination of amount of credit
     Sec. 5. (a) Subject to subsection (b), the amount of the credit that a taxpayer is entitled to under section 4 of this chapter for a particular calendar year is equal to the lesser of:
        (1) twenty-five percent (25%) of the qualified expenditures made by the taxpayer in the calendar year immediately preceding the calendar year in which the tax liability is imposed; or
        (2) the taxpayer's total tax liability for the calendar year.     (b) The total amount of credits provided under this chapter in a calendar year may not exceed two million eight hundred thousand dollars ($2,800,000). If the total amount of credits applied for in a calendar year exceeds the maximum provided under this subsection, each taxpayer's credit shall be reduced by an amount determined under the following STEPS:
        STEP ONE: Divide the maximum amount of credits provided by this chapter for the year by the total amount of credits applied for under this chapter for the year.
        STEP TWO: Multiply the STEP ONE result by the total amount of credits applied for by the taxpayer for the year.
As added by P.L.253-1999, SEC.2.

IC 6-1.1-8.2-6
Filing expenditure statement
     Sec. 6. To obtain the credit provided by section 4 of this chapter for a particular calendar year, a taxpayer must file with the department of local government finance an accurate statement of the qualified expenditures that entitle the taxpayer to a credit. The statement must be filed:
        (1) in the form prescribed by the department of local government finance; and
        (2) with the statement required for the calendar year to which the credit applies under IC 6-1.1-8-19.
As added by P.L.253-1999, SEC.2. Amended by P.L.90-2002, SEC.88.