Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 12
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28Tax Liability Credits
Line 35. Teacher Summer Employment Tax
Credit
833
If you hire designated shortage-certified teachers during school
Line 32. Neighborhood Assistance Tax
summer vacation, you might be able to take a tax credit. The credit
Credit
828
for each teacher hired is the lesser of either $2,500 or 50% of the
If you made a contribution to the Neighborhood Assistance
compensation paid. The qualified positions must be certified by
Program (NAP) or engaged in activities to upgrade areas in
the Department of Education (DOE), and the Qualified Position
Indiana, you might be able to claim a credit for this assistance.
Certificate must be enclosed with the employer’s tax return. For
Contact the Indiana Housing and Community Development
more information about this credit, visit the DOE’s website at
Authority, Neighborhood Assistance Program, 30 S. Meridian,
or contact them at (317) 232-6676. Note:
Suite 1000, Indianapolis, IN 46204. Or you can call them at
Per IC 6-3.1-2-8, this credit will not be awarded for tax years that
(317) 232-7777 within Indianapolis or at (800) 872-0371 outside
begin after Dec. 31, 2011.
of Indianapolis for more information.
Lines 36 and 37 - Other Tax Liability Credits
Approval Form NC-20 must be enclosed with the return to claim
Available to Financial Institutions
this credit. For more information about this credit, get Form
NC-10 at
and Income Tax Information
Claim other allowable tax liability credits by entering the name,
Bulletin #22 at
credit ID code number, and amount using line 36 or 37. The
total nonrefundable tax liability credit is limited to the amount
of income tax on line 29, unless otherwise noted. If your claim
Line 33. Enterprise Zone Employment Expense
exceeds the amount of your tax liability, you must adjust by
Tax Credit
812
recalculating the credit to the amount that you can apply. If you
This credit is based on qualified investments made within an
qualify for the refundable Economic Development for a Growing
Indiana enterprise zone. It is the lesser of 10% of qualifying wages
Economy (EDGE) job retention credit, claim that credit on line 42.
or $1,500 per qualified employee, up to the amount of tax liability
on income derived from an enterprise zone. Enclose the completed
A detailed explanation or supporting schedule must be enclosed
Schedule EZ 2 with the return.
with the return when claiming any credits on lines 36, 37,
and 42. Refer to Income Tax Information Bulletin #59 at
Get Indiana Schedule EZ 1, 2, and 3 at
for more information about Indiana
for more information on how to calculate this credit.
tax credits available to taxpayers.
Line 34. Enterprise Zone Loan Interest Tax
Alternative Fuel Vehicle Manufacturer Credit 845
Credit
814
A credit is available for up to 15% for qualified investments made
This credit can be for up to 5% of the interest received from all
between Jan.1, 2007 and Dec. 31, 2012 within Indiana. This
qualified loans made during a tax year for use in an active Indiana
credit applies to expenditures for the manufacture or assembly
enterprise zone.
of alternative fuel vehicles. An alternative fuel vehicle is any
passenger car or light truck with a gross vehicle weight of 8,500
Get Information Bulletin #66 at
and
pounds or less and that is designed to operate using:
Indiana Schedule LIC at
for more
•
Biodiesel
information on how to calculate this credit. Schedule LIC must be
•
Coal-derived liquid fuels;
enclosed if claiming this credit.
•
Denatured alcohol;
Contact the Indiana Economic Development Corporation at One
•
E85;
North Capitol, Suite 700, Indianapolis, IN 46204; call them at
•
Electricity;
(317) 232-8827; or visit their website at
for
additional information.
•
Hydrogen;
•
Liquefied petroleum gas;
Note: Claimants must be in good standing to remain eligible for
•
Methanol;
the enterprise zone loan interest credit. The term “zone business”
includes an entity that claims certain tax benefits available to
•
Natural gas;
businesses located in an enterprise zone. A taxpayer can claim
•
Non-alcohol fuels derived from biological material;
the enterprise zone loan interest credit only if that taxpayer pays a
•
P-Series fuels; or
registration fee, provides additional assistance to urban enterprise
associations required of zone businesses, and complies with
•
Ultra-low sulfur diesel.
requirements adopted by the Indiana Economic Development
For more information on the qualifications for obtaining this
Corporation.
credit, contact the Indiana Economic Development Corporation at
One North Capitol, Suite 700, Indianapolis, IN 46204; call them at
(317) 232-8827; or visit their website at
12
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