2019 Indiana Code
Title 6. Taxation
Article 3.1. State Tax Liability Credits
Chapter 19. Community Revitalization Enhancement District Tax Credit
6-3.1-19-2. "Qualified investment"
Note: This version of section effective until 1-1-2020. See also following version of this section, effective 1-1-2020.
Sec. 2. As used in this chapter, "qualified investment" means the amount of a taxpayer's expenditures that is:
(1) for redevelopment or rehabilitation of property located within a community revitalization enhancement district designated under IC 36-7-13;
(2) made under a plan adopted by an advisory commission on industrial development under IC 36-7-13; and
(3) approved by the Indiana economic development corporation before the expenditure is made.
Beginning after December 31, 2015, the term does not include a taxpayer's expenditures made on property that is classified as residential for property tax purposes, except for expenditures that were approved by the Indiana economic development corporation before January 1, 2016.
As added by P.L.125-1998, SEC.3. Amended by P.L.4-2005, SEC.94; P.L.250-2015, SEC.28.
IC 6-3.1-19-2 "Qualified investment"Note: This version of section effective 1-1-2020. See also preceding version of this section, effective until 1-1-2020.
Sec. 2. (a) As used in this chapter, "qualified investment" means the amount of a taxpayer's expenditures that is:
(1) for redevelopment or rehabilitation of property located within a community revitalization enhancement district designated under IC 36-7-13;
(2) made under a plan adopted by an advisory commission on industrial development under IC 36-7-13; and
(3) approved by the Indiana economic development corporation before the expenditure is made.
Beginning after December 31, 2015, the term does not include a taxpayer's expenditures made on property that is classified as residential for property tax purposes, except for expenditures that were approved by the Indiana economic development corporation before January 1, 2016.
(b) Notwithstanding subsection (a)(1), expenditures for the redevelopment or rehabilitation of property that are made after the expiration of the community revitalization district designated under IC 36-7-13 may still be considered a qualified investment if:
(1) subsection (a)(2) and (a)(3) are satisfied;
(2) the Indiana economic development corporation approves the taxpayer's application for a credit before the expiration of the community revitalization enhancement district; and
(3) the taxpayer enters into an agreement with the Indiana economic development corporation not later than one (1) year after the expiration of the community revitalization enhancement district.
As added by P.L.125-1998, SEC.3. Amended by P.L.4-2005, SEC.94; P.L.250-2015, SEC.28; P.L.158-2019, SEC.12.
