2018 Indiana Code
TITLE 6. Taxation
ARTICLE 3.1. STATE TAX LIABILITY CREDITS
CHAPTER 11. Industrial Recovery Tax Credit
6-3.1-11-24. Pass through entities

     Sec. 24. (a) If a pass through entity does not have state income tax liability against which the tax credit provided by this chapter may be applied, a shareholder, partner, or member of the pass through entity is entitled to a tax credit equal to:

(1) the tax credit determined for the pass through entity 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.

     (c) Notwithstanding subsections (a) and (b), a pass through entity (other than an entity described in IC 6-3-1-35(1)) and its partners, beneficiaries, or members may allocate the credit among its partners, beneficiaries, or members of the pass through entity as provided by written agreement without regard to their sharing of other tax or economic attributes. Such agreements shall be filed with the corporation not later than fifteen (15) days after execution. The pass through entity shall also provide a copy of such agreements, a list of partners, beneficiaries, or members of the pass through entity, and their respective shares of the credit resulting from such agreements in the manner prescribed by the department of state revenue. However, this subsection applies only to a project that is located in a redevelopment project area, an economic development area, or an urban renewal project area and that includes, as part of the project, the use and repurposing of two (2) or more buildings and structures that are:

(1) at least seventy-five (75) years old; and

(2) located at a site at which manufacturing previously occurred over a period of at least seventy-five (75) years.

As added by P.L.166-2014, SEC.13. Amended by P.L.212-2018(ss), SEC.25.