Form It-20s - Indiana S Corporation Income Tax Return - 2014 Page 25
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32If you are claiming more than one credit, first use the credits that
by the IEDC. These credits are also available to dealers who sell
cannot be carried over and applied against your state AGI in another
blended biodiesel at retail.
year. These credits include
•
College Credit;
For credit verification, you must enclose an approved Indiana
•
Indiana College Choice 529 Savings Plan Credit;
Department of Revenue Form BD-100. Contact the Indiana
•
Prison Investment Credit;
Economic Development Corporation at Biodiesel Credit
•
School Scholarship Credit; and
Certification, One North Capitol, Suite 700, Indianapolis, IN 46204.
•
Twenty-First Century Scholars Credit.
You can also call them at (317) 232-8800 or visit their website at
iedc.in.gov for more information. Also, get Information Bulletin #91
Next, use the credits that can be carried over for a limited number of
at for more information.
years and applied against your state AGI. These credits include
•
Alternative Fuel Vehicle Manufacturer Credit;
Coal Combustion Product Tax Credit
805
•
Blended Biodiesel Credit;
This credit is repealed effective Jan. 1, 2014.
•
Enterprise Zone Employment Expense Credit;
•
Enterprise Zone Loan Interest Credit;
Coal Gasification Technology Investment
•
Headquarters Relocation Credit;
Tax Credit
806
•
Historic Building Rehabilitation Credit;
A credit is available for a qualified investment in an integrated coal
•
Hoosier Business Investment Credit;
gasification power plant or a fluidized bed combustion technology
•
Indiana’s Research Expense Credit;
that serves Indiana gas utility and electric utility consumers. This can
•
Residential Historic Rehabilitation Credit;
include an investment in a facility located in Indiana that converts
•
Venture Capital Investment Credit; and
coal into synthesis gas that can be used as a substitute for natural gas.
•
Voluntary Remediation Credit.
You must file an application for certification with the IEDC. If the
Finally, use the credits that can be carried over and applied against
credit is assigned, it must be approved by the utility regulatory
your state AGI in another year. These credits include
commission and taken in 10 annual installments. The amount of
•
Coal Gasification Technology Investment Credit;
credit for a coal gasification power plant is 10% of the first $500
•
Community Revitalization Enhancement District Credit;
million invested and 5% for any amount over that. The amount of
•
Employer Health Benefit Plan Credit;
credit for a fluidized bed combustion technology is 7% of the first
•
Enterprise Zone Investment Cost Credit;
$500 million invested and 3% for any amount over that.
•
Ethanol Production Credit;
•
Individual Development Account Credit;
For more information, contact the Indiana Economic Development
•
Industrial Recovery Credit;
Corporation at One North Capitol, Suite 700, Indianapolis, IN 46204
•
Maternity Home Credit;
or visit their website at iedc.in.gov. You can also get Information
•
Riverboat Building Credit; and
Bulletin #99 at .
•
Small Employer Qualified Wellness Program Credit.
Community Revitalization Enhancement
For more information about Indiana tax credits, get Information
District Credit
808
Bulletin #59 at .
A state and local income tax liability credit is available for a qualified
The following credits have each been assigned a three-digit code
investment for the redevelopment or rehabilitation of property
number for identification purposes. Use the code numbers when
within a community revitalization enhancement district. To be
reporting and claiming any of these credits. See Information Bulletin
eligible for the credit, the intended expenditure plan must be
#59 at for more information about
approved by the IEDC before the expenditure is made. The credit is
Indiana tax credits.
equal to 25 percent of the IEDC-approved qualified investment made
by the taxpayer during the tax year. The department has the authority
Airport Development Zone Employment
to disallow any credit if the taxpayer:
•
Ceases existing operations within the district or elsewhere
Expense Credit
800
in Indiana;
This credit is repealed effective Jan. 1, 2014.
•
Substantially reduces its operations within the district or
elsewhere in Indiana; or
Airport Development Zone Investment Cost Credit
•
Reduces other Indiana operations to relocate them into the
801
district.
This credit is repealed effective Jan. 1, 2014.
The taxpayer can assign the credit to a lessee who remains subject
Airport Development Zone Loan Interest Credit 802
to the same requirements. The assignment must be in writing. Any
This credit is repealed effective Jan. 1, 2014.
consideration may not exceed the value of the part of the credit
assigned. Both parties must report the assignment on their state
Blended Biodiesel Tax Credits
803
income tax returns for the year of assignment.
Credits are available to taxpayers who produce biodiesel and/or
blended biodiesel at an Indiana facility. The facility must be certified
19
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial