Form It-40 - Sales/use Tax Worksheet - 2009 Page 3
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1
2
3Important: You are not required to have earned income to be
Important: Remember, you can claim either this credit OR the
eligible for this credit.
homeowner’s residential property tax deduction on Schedule 2, line
2, Box A, but not both.
3.
You are not claiming the homeowner’s residential property tax
deduction on Indiana Schedule 2, line 2, Box A
Line 7 – Economic development for a growing
economy credit
If you have business income (including partnership or S corporation
How to figure your credit.
income) you may be eligible for this credit. This credit is available to
businesses who conduct certain activities that are designed to foster job
creation or job retention in Indiana.
Step 1
Did you pay property tax to Lake County (Indiana) on your
☐
☐
residence for 2009?
Yes
No
This credit is available to pass-through entities, such as members of
partnerships and S corporations.
If yes, continue to Step 2.
If no, STOP. You do not qualify for this credit.
Contact the Indiana Economic Development Corporation (IEDC), One
North Capitol, Suite 700, Indpls., IN, 46204, for eligibility requirements,
Step 2
Enter your earned income. This will include your (and
or visit
for additional information.
your spouses, if filing a joint return) wage, salary, tip and other
compensation, plus net earnings from self-employment.
Note: The approved credit agreement letter from the IEDC must be
$ _________________________
enclosed, or this credit will not be allowed.
Step 3
Line 8 – Media production expenditure credit
If the amount in Step 2 is greater than $18,600, STOP.
You do not qualify for this credit.
This credit is for qualified media production expenditures. The
minimum qualified production expenditure for a feature length film,
If the Step 2 amount is less than $18,000, skip to Worksheet A.
including a short feature; an independent or studio production; a
If the Step 2 amount is between $18,000 and $18,600, skip to
documentary; and a television series, program, or feature, must be
Worksheet B.
at least $100,000 to qualify for the credit. The minimum qualified
production expenditure for a digital media production, an audio
recording, a music video, an advertising message broadcast on radio
Worksheet A:
or television, or a media production concerning training or external
Complete if your earned income is less than $18,000.
marketing or communications is $50,000.
A1
Enter the amount of Indiana property tax
Pass-through entities (such as members of S corporations and
you paid on your Lake County residence
A1 $ ________
partnerships) are eligible for this credit.
A2
Maximum credit ..........................................A2 $
300
Contact the Indiana Economic Development Corporation, One North
A3
Enter the smaller of A1 or A2. This is your
Capitol, Suite 700, Indianapolis, IN, 46204 for additional information
credit. Enter here and on line 6 …………. A3 $ ________
about this credit. The approved credit agreement letter from the IEDC
and a computation of the credit must be enclosed with the return.
Otherwise, this credit will not be allowed.
Worksheet B: Earned Income Phaseout
Complete if your earned income is between $18,000 and $18,600.
Get Commissioner’s Directive #36 at
for
additional information.
B1
Allowable maximum earned income ...........B1 $
18,600
B2
Enter your earned income from
B2
Schedule 6: Offset Credits
Step 2 .......................................................
$
B3
Subtract B2 from B1 (if answer is zero or a
(negative) amount, STOP. You do not
The following credits cannot be refunded; their purpose is to help
qualify for this credit) ..................................B3 $
reduce your state and/or county tax amounts due.
B4
Multiply the amount on B3 by .5 ................B4 $
Important: See the limitation areas after the instructions for line 3 and
B5
Enter the amount of Indiana property tax
line 6.
you paid on your Lake County residence ...B5 $
B6
Enter the smaller of B4 or B5. This is your
credit. Enter here and on line 6...................B6 $
Page 25
IT-40 Booklet 2009
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