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IN HB1363
Bill
Status
1/12/2017
Primary Sponsor
Carey Hamilton
Click for details
AI Summary
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Creates a 15% tax credit against state tax liability for qualified expenditures on depreciable assets used to manufacture or assemble renewable energy production devices in Indiana, effective January 1, 2018.
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Allows taxpayers to carry over unused credits to up to 5 subsequent taxable years, with no carryback or refund permitted for unused credits.
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Requires taxpayers to apply to the Indiana Economic Development Corporation (IEDC) before the end of the taxable year, submitting descriptions of their business, renewable energy devices, and expenditures.
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Authorizes the IEDC to review applications in order received, verify eligibility, and issue approval or denial letters; applicants meeting conditions receive approval for qualified expenditures.
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Permits pass-through entities without state tax liability to allocate the tax credit to shareholders, partners, fiduciaries, or members based on their distributive income percentage.
Legislative Description
Tax credit for manufacture of energy devices. Provides for a credit against a taxpayer's state tax liability for expenditures made by the taxpayer during a taxable year for depreciable assets that are reasonable and necessary for the manufacture or assembly of renewable energy production devices in Indiana.
Last Action
First reading: referred to Committee on Ways and Means
1/12/2017