State Form 21926 - Schedule Lic - Enterprise Zone Loan Interest Tax Credit Page 3
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4Enterprise Zone LIC Instructions
Indiana Code (IC) 6-3.1-7-2 provides that a taxpayer who is
Section B – Qualified Loan Information
in good standing with the Indiana Economic Development
Enter the following information for each qualified loan, or
Corporation is entitled to a state income tax credit of 5% of
provide a combined listing of borrowers within every enterprise
the interest income received from qualified loans made during
zone. Attach additional sheets as necessary:
the year. To qualify, the loan proceeds must be for purposes
directly related to businesses located in an enterprise zone
1) Enter the borrower’s name and location address
or for improvements increasing the assessed value of real
within the enterprise zone.
property located in an enterprise zone.* A qualified loan also
2) Enter the borrower’s Social Security or Federal Tax
means a loan made to an individual or business that uses the
Identification number.
loan proceeds toward the rehabilitation, repair, or improvement
3) Enter the borrower’s telephone number.
of a residence within an enterprise zone.
4) Indicate the purpose of the loan (business or
personal home improvement) and the date of loan
*An enterprise zone created under IC 5-28-15 or an air-
origination.
port development zone (code # 802) designated under
5) Enter the name of the borrower’s enterprise zone
IC 8-22-3.5-14.
location.
Maps of enterprise zones and addresses can be found at
Section C – Report of Qualified Loans to Businesses
by Enterprise Zone Locations
Who May File for This Credit?
Summarize the number of qualified loans made during the
taxable year according to the enterprise zone in which the
For the purposes of eligibility, for the Loan Interest Credit, a
loan proceeds are used by the business borrower(s) (listed
taxpayer in good standing is defined as an entity conducting
in Section B).
business operations within an enterprise zone that:
1) Receives interest on a qualified loan made during
Enter the total amount of interest income received from qualified
the tax year;
loans to businesses during the taxable year attributed to the
2) Pays the registration fee charged to zone businesses
enterprise zone location of the borrower(s), columns (a) and (c).
under IC 5-28-15-5;
3) Provides the assistance to urban enterprise
For purposes of the Loan Interest Credit, interest includes
associations required from zone businesses under
service charges, time-price differentials, and all other charges
IC 5-28-15-5(b); and
for the use of money. Interest received from loans and lines of
4) Complies with any requirements adopted by the board
credit existing at the time an enterprise zone was designated
of the Indiana Economic Development Corporation
qualify for the credit if the proceeds are used for a qualified
for taxpayers claiming the Enterprise Zone Loan
purpose. Interest from mortgage loans to acquire property
Interest Credit.
does not qualify unless the property is used for business
purposes (including renting or leasing). If the proceeds of a
Note: If the taxpayer is located outside an enterprise zone,
loan are used to both acquire and improve real property and
the taxpayer is not required to reinvest its incentives within the
the acquisition is not for a business purpose, only that portion
enterprise zone, other than complying with 2) and 3) above.
of the interest attributable to the improvement of the property
would qualify for the Loan Interest Credit. If the loan proceeds
How Often Can I Claim a Credit?
are used to acquire business property which is subsequently
removed from an enterprise zone, only the interest received
A claim for credit is filed annually for each qualified loan or in
while the property was used for a business purpose within the
combination with all qualified loans made during the taxable
enterprise zone would qualify for the credit.
year.
Section D – Credit for Qualified Loans for
Section A – Taxpayer Information
the Taxable Year
1) Type or print lender’s name and address.
Line 1. Enter the grand total of all qualified loans to businesses
2) Enter lender’s Social Security or Federal Tax
listed in Section C, columns (a) and (c).
Identification number.
3) Enter Indiana county or O.O.S. (out-of-state).
Line 2. Enter the amount of loan interest income received
4) Enter telephone number.
from businesses during the taxable year from qualified loans
listed in Section C, columns (b) and (d).
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