State Form 21926 - Schedule Lic - Enterprise Zone Loan Interest Tax Credit Page 4
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4Enterprise Zone LIC Instructions, continued
What if I Do Not Use All of My Credit?
Any unused credit may be carried over to the next eligible tax
Line 3. Enter the total other loan interest income received from
return to be filed up to 10 years from the date of the loan until
nonbusiness loans made for the purposes of rehabilitation,
all credit has been used or the enterprise zone terminates.
repair, or improvement of a residence or for improvements
that increase the assessed value of real property located in
Note: A taxpayer is not entitled to a carryback or refund of any
any enterprise zone.
unused credit. The statute does allow the taxpayer to carry
forward any unused credit.
Line 4. Add the amount of business and nonbusiness interest
income and multiply the result by 5%.
What if I Am an Entity Exempt from
Adjusted Gross Income Tax?
Line 5. Indicate the state tax liability you wish to offset by
Entities exempt from adjusted gross income tax under
checking the appropriate tax type box and by entering the
IC 6-3-2-2.8(2) may “pass through” the credit to shareholders,
net amount of your state tax liability. Note: The net amount of
partners, beneficiaries, or members of the pass-through entity.
tax entered on line 5 must be reduced by all other applicable
A pass-through entity is an S corporation, a partnership, a trust,
tax liability credits and may not be greater than the amount
a limited liability company, or a limited liability partnership. Each
on line 4. Carry the net amount of credit to be used to your
member’s tax credit is calculated by multiplying the total credit
tax type return.
available by the percentage of the entity’s distributive income
to which the shareholder, partner, beneficiary, or member is
Line 6. Subtract line 5 from line 4. The result may not be less
entitled. The pro rata share of the calculated credit is reported
than 0. If it's greater than 0, carry the excess unused amount
by the entity on each unit-holder’s Schedule IN K-1. A copy
of credit to Section E.
of Schedule LIC or IN K-1 must be enclosed with the return
to claim your share of the credit.
Section E – Enterprise Zone Loan Interest Carryover
Complete this section whenever there is a carryover of unused
Whom Do I Contact if I Have Questions
Loan Interest Credit. The amount of credit carryover from a
About the Enterprise Zone Loan Interest Credit?
taxable year shall be reduced to the extent that the carryover
Questions concerning enterprise zone income tax
is used by the taxpayer to obtain credit against allowable state
provisions should be directed to:
tax liabilities for any subsequent taxable year. Carryover is
allowed up to 10 years following the date on which a qualified
Indiana Department of Revenue
loan credit is claimed but not beyond the phase-out period
Returns Processing Center
that terminates the enterprise zone from which a qualified
Corporate Income Tax Section
loan had originated.
P.O. Box 7206
Indianapolis, IN 46207
Enter in each column the applicable date or amounts for every
(317) 232-0129
succeeding taxable year in which a credit carryover is used.
Section F – Signature
For questions concerning other provisions related
to enterprise zones and current locations within the
The taxpayer or an authorized agent must sign this schedule.
designated cities, contact:
Where Can I Claim This Credit?
Indiana Economic Development Corporation
1 N. Capitol Ave., Suite 700
The Loan Interest Credit can be applied as a credit against the
Indianapolis, IN 46204
taxpayer’s adjusted gross income tax (IC 6-3-1 through 6-3-7),
(317) 232-8800
insurance premium tax (IC 27-1-18-2), and financial institution
tax (IC 6-5.5). A copy of Schedule LIC must be enclosed with
the return; otherwise, the credit will be disallowed. The credit
amount calculated on the LIC is to be taken as a credit against
your tax liability on the return in the order listed above after
first applying other credits allowed under IC 6-3.1-1-2.
Refer to Income Tax Information Bulletin #66 at
/3650.htm
for additional information. Please
see the instructions for your tax return to determine where the
credit should be entered on the various tax forms.
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