Instructions For Form Fit-20 - Indiana Financial Institution Tax Return - 2011 Page 15
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28To qualify for the credit, the taxpayer must submit an application
The wellness program must be certified by the State Department
to the IEDC. Contact the Indiana Department of Correction,
of Health (DOH), and the certificate must be enclosed with the
Office of the Commissioner, 302 W. Washington Street, Room
tax return before the credit can be approved. The credit can be
E334, Indianapolis, IN 46204, for additional information. You can
carried forward but cannot be carried back or refunded. For more
also visit their website at
information, contact the DOH at
For more information, see Income Tax Information Bulletin #106
Also get Income Tax Information Bulletin #102 at
at
Riverboat Building Credit
832
Venture Capital Investment Credit
835
A state tax liability credit has been established for a taxpayer who
An entity that provides qualified investment capital to an Indiana
builds or refurbishes a riverboat licensed to conduct legal gambling
business might be eligible for this credit. Currently, this credit
in Indiana. This credit is equal to 15% of the qualified investment
is limited to investments that occur before Dec. 31, 2008. The
and can be carried forward to subsequent tax years. The Indiana
carryforward provision is limited to five years.
Economic Development Corporation must approve the costs of the
qualified investment before the costs are incurred.
Certification for this credit must be obtained from the Indiana
Economic Development Corporation, Development Finance
Contact the Indiana Economic Development Corporation,
Office, VCI Credit Program, One North Capitol, Suite 700,
Development Finance Division, One North Capitol, Suite 700,
Indianapolis, IN 46204. You can also call them at (317) 232-8827
Indianapolis, IN, 46204; call them at (317) 234-0616; or visit their
or visit their website at
website at
/
for additional information.
A copy of the certificate and proof that the investment capital
was provided to the qualified business within two years after the
School Scholarship Credit
849
certification of the investment plan must be submitted to the
A credit is available for contributions to school scholarship
Department when filing the return.
programs. A taxpayer that makes a qualifying contribution to a
scholarship granting organization (SGO) is entitled to a credit
Voluntary Remediation Credit
836
against their state tax liability in the taxable year in which the
contribution is made. The amount of a taxpayer’s credit is equal
A voluntary remediation state tax credit is available for qualified
to 50% of the amount of the contribution made to the SGO for a
investments involving the redevelopment of a brownfield
school scholarship program.
and environmental remediation. The Indiana Department of
Environmental Management and the Indiana Development
To qualify for the credit, the taxpayer must:
Housing and Community Development Authority must determine
•
Make a contribution to a scholarship granting
and certify that the costs incurred in a voluntary remediation are
organization that is certified by the Department of
qualified investments. Carryover of prior unused credit can be
Education under IC 20-51;
carried back only one year or carried forward up to five years.
•
Make the contribution directly to the SGO;
For additional information, contact the Indiana Department of
Environmental Management, 100 N. Senate Ave., Room
•
Designate in writing to the SGO that the contribution is
N1101, Indianapolis, IN 46204, or visit their website at
to be used solely for a school scholarship program or have
written confirmation from the SGO that the contribution
will be used solely for a school scholarship program.
Line 38. Total Credits: Add the amounts on lines 32 through 37b.
Although there are no limits on the size of a qualifying
Line 39. Total Tax Due: Subtract the amount on line 38 from the
contribution to an SGO, the entire tax credit program has a limit of
amount on line 31.
$2.5 million in credits per state fiscal year (July 1 – June 30).
Line 40. Total Estimated Tax Paid: Enter the total amount of
You must enclose Schedule IN-SSC to claim this credit. For more
estimated tax paid for the taxable year. Itemize each quarterly
information about this credit, see the instructions for Schedule
payment in the spaces provided.
IN-SSC at
List all members included in a combined return by completing
Small Employer Qualified Wellness
FIT-20 Schedule H on page 4 of the return. Show any amount of
Program Credit
843
estimated tax you are claiming that might have been paid by a
A taxpayer who is a small employer is entitled to a tax credit equal
member under his federal identification number.
to 50% of the costs they incur during the taxable year for providing
a qualified wellness program for their employees during that
Line 41. Extension Payment and Prior Year Overpayment:
taxable year. A small employer is defined as an employer actively
Enter on line (a) the payment made resulting from an extension
engaged in business that has between 2 and 100 eligible employees,
of time to file request, and on line (b) list your carryover credit of
with a majority of them working in Indiana.
a prior- year overpayment. This provision is applicable to a prior-
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