2013 Indiana Code TITLE 6. TAXATION ARTICLE 3.1. STATE TAX LIABILITY CREDITS CHAPTER 34.6. TAX CREDIT FOR NATURAL GAS POWERED VEHICLES
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IC 6-3.1-34.6
Chapter 34.6. Tax Credit for Natural Gas Powered Vehicles
Effective 1-1-2014.
IC 6-3.1-34.6-1
Applicability
Effective 1-1-2014.
Sec. 1. (a) Subject to subsection (b), this chapter applies to
taxable years beginning after December 31, 2013.
(b) A person is not entitled to a tax credit for placing a qualified
vehicle into service after December 31, 2016. However, this
subsection may not be construed to prevent a person from carrying
an unused tax credit attributable to a qualified vehicle placed into
service before January 1, 2017, forward to a taxable year beginning
after December 31, 2016, in the manner provided by section 13 of
this chapter.
As added by P.L.277-2013, SEC.6.
IC 6-3.1-34.6-2
"Department"
Effective 1-1-2014.
Sec. 2. As used in this chapter, "department" refers to the
department of state revenue.
As added by P.L.277-2013, SEC.6.
IC 6-3.1-34.6-3
"Natural gas"
Effective 1-1-2014.
Sec. 3. As used in this chapter, "natural gas" means compressed
or liquid natural gas.
As added by P.L.277-2013, SEC.6.
IC 6-3.1-34.6-4
"Pass through entity"
Effective 1-1-2014.
Sec. 4. 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.277-2013, SEC.6.
IC 6-3.1-34.6-5
"Person"
Effective 1-1-2014.
Sec. 5. As used in this chapter, "person" means an individual, a
corporation, a limited liability company, a partnership, or another
legal entity.
As added by P.L.277-2013, SEC.6.
IC 6-3.1-34.6-6
"Qualified vehicle"
Effective 1-1-2014.
Sec. 6. As used in this chapter, "qualified vehicle" means a natural
gas powered vehicle that has a gross vehicle weight rating of more
than thirty-three thousand (33,000) pounds.
As added by P.L.277-2013, SEC.6.
IC 6-3.1-34.6-7
"State tax liability"
Effective 1-1-2014.
Sec. 7. As used in this chapter, "state tax liability" means a
person'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 6-5.5 (the financial institutions tax); and
(3) IC 27-1-18-2 (the insurance premiums 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.277-2013, SEC.6.
IC 6-3.1-34.6-8
Credit claim and computation
Effective 1-1-2014.
Sec. 8. (a) A person that places a qualified vehicle into service in
a particular taxable year may claim a credit against the person's state
tax liability for that taxable year.
(b) Subject to sections 9 and 10 of this chapter, the amount of the
credit that may be claimed for placing a qualified vehicle into service
is the amount determined in STEP THREE of the following formula:
STEP ONE: Determine the difference between:
(A) the price of the qualified vehicle; and
(B) the price of a similarly equipped vehicle of the same
make and model that is powered by a gasoline or diesel
engine.
STEP TWO: Multiply the STEP ONE result by fifty percent
(50%).
STEP THREE: Determine the lesser of:
(A) the STEP TWO result; or
(B) fifteen thousand dollars ($15,000).
As added by P.L.277-2013, SEC.6.
IC 6-3.1-34.6-9
Maximum credit per person
Effective 1-1-2014.
Sec. 9. The total amount of the tax credits granted to a person
under this chapter for a particular taxable year may not exceed one
hundred fifty thousand dollars ($150,000).
As added by P.L.277-2013, SEC.6.
IC 6-3.1-34.6-10
Maximum annual credit; maximum overall credit
Effective 1-1-2014.
Sec. 10. The total amount of the tax credits granted in a particular
year to all persons under this chapter may not exceed lesser of:
(1) Three million dollars ($3,000,000) per year; or
(2) the revenue, as estimated by the budget agency, that is
attributable to the imposition of the gross retail and use tax on
transactions involving alternative fuel (as defined by
IC 6-6-2.5-1) to fuel a motor vehicle used in providing public
transportation for persons or property as a result of
IC 6-2.5-5-27(b) for the year the credit is claimed.
In addition, the tax credits granted for all years to all persons under
this chapter may not exceed three (3) times the per year amount
under subdivision (1) or (2), whichever applies for a particular year.
As added by P.L.277-2013, SEC.6.
IC 6-3.1-34.6-11
Claiming credit; pass through entity
Effective 1-1-2014.
Sec. 11. (a) If a pass through entity places a qualified vehicle into
service but does not have state tax liability against which a tax credit
may be applied, a shareholder, partner, or member of the pass
through entity may claim a tax credit under this chapter equal to:
(1) the tax credit determined for the pass through entity under
this chapter for the taxable year; multiplied by
(2) the percentage of the pass through entity's distributive
income to which the shareholder, partner, or member 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 a shareholder, partner, or member of the pass
through entity may not claim more than one (1) credit for the same
qualified vehicle placed into service.
As added by P.L.277-2013, SEC.6.
IC 6-3.1-34.6-12
Procedure to claim credit
Effective 1-1-2014.
Sec. 12. (a) To receive a credit under this chapter, a person must:
(1) claim the credit on the person's state tax return or returns in
the manner prescribed by the department; and
(2) file with the department information that the department
determines is necessary for the calculation of the credit under
this chapter.
(b) The department shall record the time of filing of each return
claiming a credit under this section and shall, except as provided in
subsection (c), grant the credit to the person, if the person otherwise
qualifies for a credit under this chapter, in the chronological order in
which the return is filed in the year.
(c) If the total credits granted under this section equal the
maximum amount allowable in the year, a return claiming the credit
filed later in that year may not be approved.
As added by P.L.277-2013, SEC.6.
IC 6-3.1-34.6-13
Credit carryover; no carryback or refund
Effective 1-1-2014.
Sec. 13. (a) If the amount of the credit determined under this
chapter for a person in a taxable year exceeds the person's state tax
liability for that taxable year, the person may carry over the excess
to the following taxable years. The amount of the credit carryover
from a taxable year shall be reduced to the extent that the carryover
is used by the person to obtain a credit under this chapter for any
subsequent taxable year. A credit may not be carried forward for
more than six (6) taxable years following the taxable year in which
the person is first entitled to claim the credit.
(b) A person is not entitled to a carryback or refund of any unused
credit.
As added by P.L.277-2013, SEC.6.
IC 6-3.1-34.6-14
Credit sale, assignment, or transfer prohibited
Effective 1-1-2014.
Sec. 14. A person may not sell, assign, convey, or otherwise
transfer the tax credit provided by this chapter.
As added by P.L.277-2013, SEC.6.
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