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2018 Indiana Code
TITLE 6. Taxation
ARTICLE 3.1. STATE TAX LIABILITY CREDITS
CHAPTER 7. Enterprise Zone Loan Interest Credit
6-3.1-7-6. Disallowance of credit
Universal Citation: IN Code § 6-3.1-7-6 (2018)
IC 6-3.1-7-6 Disallowance of credit
Sec. 6. (a) If the department determines that the proceeds from a loan are used for a purpose other than the purpose stated at the time a credit was claimed under this chapter for interest on that loan, and if that stated purpose caused the department to designate the loan as a qualified loan, then the department shall disallow the credit allowed under this chapter for interest on that loan.
(b) A taxpayer shall pay to the department the amount of any credit disallowed under this section.
As added by P.L.51-1984, SEC.1.
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