Form It-20s - Indiana S Corporation Income Tax Return - 2014 Page 27
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32For more information, including limitations and the application
Individual Development Account Tax Credit
823
process, get Information Bulletin #97 at
A credit is available for contributions made to a community
development corporation participating in an Individual
Historic Building Rehabilitation Tax Credit
819
Development Account (IDA) program. The IDA program is designed
A credit is available for the rehabilitation or preservation of historic
to assist qualifying low-income residents in accumulating savings
property. To qualify, the property must:
and building personal finance skills. The organization must have
•
Be listed on the Indiana Register of Historic Sites and
an approved program number from the Indiana Housing and
Structures;
Community Development Authority (IHCDA) for a contribution
•
Be at least 50 years old; and
to qualify for preapproval. The credit is equal to 50% of the
•
Produce income.
contribution, which must be between $100 and $50,000.
The cost of the certified rehabilitation or preservation expenses
Applications for the credit are filed through the IHCDA by using
must exceed $10,000. The credit is 20% of the qualified expenses.
Form IDA-10/20. An approved Form IDA-20 must be enclosed with
Any unused balance of the credit can be carried forward for up to
your return if claiming this credit. To request more information
15 years. A certification from the Division of Historic Preservation
about this credit, contact the Indiana Housing and Community
and Archaeology must be enclosed with your return. For more
Development Authority at 30 S. Meridian St., Suite 1000,
information, call the Indiana Department of Natural Resources at
Indianapolis, IN 46204 or (317) 232-7777.
(317) 232-1646 or visit You can also get
Information Bulletin #87 at
Military Base Investment Cost Tax Credit
826
This credit is repealed effective Jan. 1, 2014.
Hoosier Business Investment Tax Credit
820
This credit is for qualified investments, including costs associated
Military Base Recovery Tax Credit
827
with the following:
This credit is repealed effective Jan. 1, 2014.
•
Constructing special-purpose buildings and foundations;
•
Making onsite infrastructure improvements;
Natural Gas Commercial Vehicle Credit
858
•
Modernizing existing equipment;
A credit is available for the purchase of vehicles powered with natural
•
Purchasing equipment used to make motion pictures or
gas (CNG or LNG). It applies only to vehicles weighing more than
audio production;
33,000 pounds and purchased from an Indiana dealer. It is effective
•
Purchasing or constructing new equipment directly related
Jan. 1, 2014, through Dec. 31, 2016. The amount of the credit is the
to expanding the workforce in Indiana;
amount of the difference between the price of the qualified vehicle
•
Retooling existing machinery and equipment;
and the price of a similarly equipped vehicle that is powered by a
•
Constructing or modernizing transportation or logistical
gasoline or diesel engine multiplied by 50%. The credit is the lesser of
distribution facilities;
this result or $15,000, whichever is smaller.
•
Improving the transportation of goods via highway, rail, air,
or water; and
To be eligible for the credit, a dealer or purchaser must complete the
•
Improving warehousing and logistical capabilities.
Commercial Natural Gas Vehicle Credit form (Form NGV-C), found
at , and submit it to the department. The
It does not include property that can be readily moved out of
approved credit must be reported on Schedule IN-OCC, found at
Indiana.
For more information about this credit,
see Income Tax Information Bulletin
#109.
This credit is administered by the IEDC at One North Capitol, Suite
700, Indianapolis, IN, 46204. Visit their website at iedc.in.gov or call
them at (317) 233-3638 for more information. Also, get Information
Neighborhood Assistance Tax Credit
828
Bulletin #95 at
If you made a contribution to the Neighborhood Assistance Program
(NAP) or engaged in activities to upgrade areas in Indiana, you
You must submit a copy of the IEDC certificate verifying the amount
might be able to claim a credit for this assistance. Effective July
of tax credit for the taxable year with your return. This credit must be
1, 2014, contributions to organizations that provide services to
claimed on Schedule IN-OCC.
individuals who are ex-offenders are also eligible for this credit.
Contact the Indiana Housing and Community Development
Indiana Research Expense Tax Credit
822
Authority, Neighborhood Assistance Program, 30 S. Meridian St.,
Suite 1000, Indianapolis, IN 46204, for more information. You can
Indiana has a research expense credit that is similar to the federal
also call (317) 232-7777 within Indianapolis or (800) 872-0371
credit (Form 6765) for increasing research activities for qualifying
outside of Indianapolis.
expenses paid in carrying on a trade or business in Indiana. Compute
the credit using Schedule IT-20REC. To claim a portion of a prior-
You must enclose approval Form NC-20 with your return. For more
year Indiana Research Expense Credit, please include the IT-20REC
information, get Form NC-10 at and
from the prior year being utilized along with a statement reflecting
Information Bulletin #22 at
the utilization of the prior-year credit up to this point.
Schedule IT-20 REC, available at , must
be completed and enclosed with your return to claim this credit. For
more information, go to department at
21
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