IN SB0112

Authorizes shareholders, partners, and members of pass-through entities to claim industrial recovery tax credits if the entity has no state income tax liability to apply the credit against.

Allows individual owners to claim a tax credit equal to the entity's determined tax credit multiplied by their percentage of the entity's distributive income.

Credits claimed by individual owners are in addition to any other tax credits to which they are otherwise entitled under the chapter.

Amends IC 6-3.1-11 and defines "pass through entity" as set forth in IC 6-3-1-35.

Effective January 1, 2014 (retroactive) with an emergency declaration.