Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 14
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28Industrial Recovery Credit
824
There is an additional tax credit for cellulosic ethanol production.
Taxpayers who produce at least 20 million gallons of cellulosic
This credit is based on a taxpayer’s qualified investment in a vacant
ethanol in a taxable year may apply this credit, but only against the
industrial facility located in a designated industrial recovery site.
state tax liability attributable to business activity taking place at the
The IEDC approves the application and plan for rehabilitation. A
Indiana facility at which the cellulosic ethanol was produced.
lessee of property in an industrial recovery site may be assigned
tax credits based on the owner’s or developer’s qualified investment
File Application for Ethanol Credit Certification, State Form
within the designated industrial recovery site. Note: Per IC 6-3.1-
52302, with the Indiana Economic Development Corporation,
11-1, the minimum age for a facility to be eligible for this credit
Ethanol Credit Certification, One North Capitol, Suite 700,
has been reduced from 20 years to 15.
Indianapolis, IN 46204. Call them at (317) 232-8827 or visit their
website at
for additional information.
Get additional information regarding procedures for obtaining this
credit from the Indiana Economic Development Corporation, One
Headquarters Relocation Credit
818
North Capitol, Suite 700, Indianapolis, IN 46204; by calling them
at (317) 232-8827; or by visiting their website at
A business with annual worldwide revenue of $100 million and
at least 75 employees that relocates its corporate headquarters to
Military Base Recovery Credit
827
Indiana may be eligible for a credit. The credit may be as much as
50% of the cost incurred in relocating the headquarters.
A taxpayer who is an owner or a developer of a military base
recovery site might be eligible for a credit if investing in the
For more information, get Income Tax Information Bulletin #97 at
rehabilitation of real property located in a military base recovery
site according to a plan approved by the IEDC. The maximum
credit is 25% of the cost of the rehabilitation of real property in a
Hoosier Business Investment Credit
820
designated military base recovery site based on the building’s age.
This credit is for qualified investments, which include the
purchase of new telecommunications, production, manufacturing,
A claimant may also be a lessee of property in a military base
fabrication, processing, refining, or finishing equipment that is
recovery site and be assigned part of the tax credit based on
directly related to expanding the workforce in Indiana. Qualified
a qualified investment within a military recovery site. The
investments also include onsite infrastructure improvements,
assignment must be in writing, and any consideration may not
construction costs, retooling existing machinery and equipment,
exceed the value of the part of the credit assigned. Both parties
and costs associated with special-purpose buildings and
must report the assignment on their state income tax returns for
foundations. It does not include property that can be readily
the year of assignment. The lessee can use the credit to offset its
moved out of Indiana.
total state income tax liability, but any excess credit must be carried
forward to the immediately following tax year(s).
This credit is administered by the IEDC at One North Capitol,
Suite 700, Indianapolis, IN, 46204. Visit their website at
For more information about this credit, contact the Indiana
or call them at (317) 233-3638 for additional
Economic Development Corporation, One North Capitol, Suite
information. Also, get Income Tax Information Bulletin #95 at
600, Indianapolis, IN, 46204; call them at (317) 232-8827; or visit
their website at
The taxpayer is required to submit to the Department a copy of the
New Employer Credit
850
certificate from the IEDC verifying the amount of tax credit for the
A credit is allowed for a corporation or pass-through entity if the
taxable year.
business employs at least 10 new qualified employees and, after
Individual Development Account Credit
823
Dec. 31, 2009, the business:
•
Relocates or locates its operations in Indiana;
A tax credit is available for contributions made to a community
development corporation participating in an individual
•
Incorporates in Indiana; or
development account (IDA) program. The IDA program is
•
Expands it operations in Indiana.
designed to assist qualifying low-income residents in accumulating
savings and building personal finance skills. The organization must
This credit is equal to 10% of the wages paid to qualified
have an approved program number from the Indiana Housing
employees. A qualified employee is one who is:
and Community Development Authority (IHCDA) before a
•
A full- time employee first hired by a new Indiana
contribution qualifies for preapproval. The credit is equal to 50% of
business;
the contribution, which must not be between $100 and $50,000.
•
A resident of Indiana; and
Applications for the credit are filed through the IHCDA by using
Form IDA-10/20. An approved Form IDA 20 must be enclosed
•
Not more than a 5% shareholder, partner, member, or
with the return if claiming this credit. To request additional
owner of the business as determined by the IEDC.
information about the definitions, procedures, and qualifications
for obtaining this credit, contact the Housing and Community
Development Authority, 30 S. Meridian St., Suite 1000,
Indianapolis, IN 46204. Or call them at (317) 232-7777.
14
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