Form It-20s - S Corporation Income Tax Booklet - Indiana Department Of Revenue - 2005 Page 17
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19Hoosier Business Investment Tax Credit - IC 6-3.1-26
Military Base Recovery Tax Credit - A state tax credit is
provides for the Hoosier Business Investment Tax Credit
available for rehabilitation of real property located in military
administered by the Indiana Economic Development
base facilities designated by the state Enterprise Zone Board.
Corporation (IEDC) The state income tax credit is for qualified
A claimant may also be a lessee of property in a military base
investments, which include the purchase of new
recovery site and assigned part of the tax credit based upon
telecommunications, production, manufacturing, fabrication,
the owner's or developer's qualified investment within a military
processing, refining, or finishing equipment. It also includes
recovery site.
costs associated with the modernization of the above
equipment. Qualified investments include onsite infrastructure
Rerefined Lubricated Oil Facility Tax Credit - A pass-
improvements, construction costs, retooling existing
through entity may be eligible, as determined by the Indiana
machinery and equipment, and costs associated with special
Economic Development Corporation, for a state tax credit
purpose buildings and foundations.
against its income and sales and use tax liabilities. The credit
The credit shall only be granted for the amount of the
is based on a percentage of the real and personal property
qualified investment that is directly related to expanding the
taxes paid by an entity that processes rerefined lubrication oil
workforce in Indiana. The credit is the lesser of thirty (30)
as defined in IC 6-3.1-22.2. If the business entity has no
percent (10 percent effective May 15, 2005) of the amount of
adjusted gross income or sales and use tax liabilites the
the qualified investment made by the taxpayer in Indiana, or
shareholders are entitled to claim, as a pass-through, their
the taxpayer’s state tax liability growth. The IEDC determines
share of the credit. Contact: Economic Development Division,
the unused credit forward period. PL 81-2004 extends the
(317)232-5297.
Hoosier Business Investment Tax Credit until December 31,
2007
Venture Capital Investment Tax Credit - IC 6-3.1-24 provides
The taxpayer is required to submit to the Department a
a Venture Capital Investment Tax Credit to a taxapyer that
copy of the certificate from the IEDC verifying the amount of
provides qualified investment capital to a qualified Indiana
tax credit for the taxable year.
business. The credit may be applied against the taxpayer's
total state tax liability for sales, use, adjusted gross income,
Military Base Investment Cost Tax Credit - IC 6-3.1-11.6,
financial institutions and insurance premium taxes.
effective January 1, 2005, provides an income tax credit for a
A taxpayer desiring to receive the venture capital
qualified investment in a business located in a military base,
investment tax credit must apply to the Indiana Economic
a military base reuse area, an economic development area,
Development Corporation for a certification that the proposed
or a military base recovery site. The amount of the credit
investment would qualify for a credit. For a taxpayer to receive
depends on the type of business, the number of jobs created,
the credit, the investment capital must be provided to the
and the amount of the investment. The maximum amount of
qualified business within two (2) years after the certification
the credit may not exceed thirty (30) percent of the investment.
of the investment plan. Upon proof of a taxpayer’s investment,
To receive credit, the taxpayer must submit to the
the Indiana Economic Development Corporation shall issue a
Department documentation of qualified investment and
qualified investment capital certification to the taxpayer eligible
certification of the percentage credit by the Indiana Economic
for the credit.
Development Corporation.
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