State Form 21926 - Schedule Lic - Enterprise Zone Loan Interest Tax Credit Page 3
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4Enterprise Zone LIC Instructions
Indiana Code (IC) 6-3.1-7-2 provides that a taxpayer who is
Section B – Qualified Loan Information
in good standing with the
Indiana Economic Development
Corporation
is entitled to a state income tax credit of 5% of
the interest income received from qualified loans made during
Enter the following information for each qualified loan, or
the year. To qualify, the loan proceeds must be for purposes
provide a combined listing of borrowers within every enterprise
directly related to businesses located
in an enterprise zone
zone. Attach additional sheets as necessary (type or print):
or for improvements increasing the assessed value of real
property located in an enterprise zone.* A “qualified loan” also
1) Enter the borrower’s name and location address
means a loan made to an individual or business that uses the
within the enterprise zone.
loan proceeds toward the rehabilitation, repair, or improvement
2) Enter the borrower’s Social Security or federal
of a residence within an enterprise zone.
identification number.
3) Enter the borrower’s telephone number.
*An enterprise zone created under IC 5-28-15 or an air-
4) Indicate the purpose of the loan (business or
port development zone (code # 802) designated under
personal home improvement) and the date of loan
IC 8-22-3.5-14.
origination.
5) Enter the name of the borrower’s enterprise zone
Maps of enterprise zones and addresses can be found on the
location.
Web at
Section C – Report of Qualified Loans to Businesses
by Enterprise Zone Locations
Who May File for This Credit?
Summarize the number of qualified loans made during the
For the purposes of eligibility, for the Loan Interest Credit, a
taxable year according to the enterprise zone in which the
taxpayer in good standing is defined as an entity conducting
loan proceeds are used by the business borrower(s) (listed
business operations within an enterprise zone that
in Section B).
1) Receives interest on a qualified loan
made
during the
tax year;
Enter the total amount of interest income received from qualified
2) Pays the registration fee charged to zone businesses
loans to businesses during the taxable year attributed to the
under IC 5-28-15-5;
enterprise zone location of the borrower(s), columns (a) and (c).
3) Provides the assistance to urban enterprise
associations required from zone businesses under
For purposes of the loan interest credit, interest includes
IC 5-28-15-5(b); and
service charges, time-price differentials, and all other charges
4) Complies with any requirements adopted by the
for the use of money. Interest received from loans and lines of
board of the Indiana Economic Development
credit existing at the time an enterprise zone was designated
Corporation for taxpayers claiming the Enterprise
qualify for the credit if the proceeds are used for a qualified
Zone Loan Interest Credit.
purpose. Interest from mortgage loans to acquire property
does not qualify unless the property is used for business
Note: If the taxpayer is located outside an enterprise zone,
purposes (including renting or leasing). If the proceeds of a
the taxpayer is not required to reinvest its incentives within the
loan are used to both acquire and improve real property and
enterprise zone, other than complying with (2) and (3) above.
the acquisition is not for a business purpose, only that portion
of the interest attributable to the improvement of the property
would qualify for the loan interest credit. If the loan proceeds
How Often Can I Claim a Credit?
are used to acquire business property which is subsequently
removed from an enterprise zone, only the interest received
A claim for credit is filed annually for each qualified loan or in
while the property was used for a business purpose within
combination with all qualified loans made during the taxable
the enterprise zone would qualify for the credit.
year.
Section A – Taxpayer Information
Section D – Credit for Qualified Loans for
the Taxable Year
1) Type or print lender’s name and address.
2) Enter lender’s Social Security or federal ID number.
Line 1. Enter the grand total of all qualified loans to businesses
3) Enter Indiana county or O.O.S. (out-of-state).
listed in Section C, columns (a) and (c).
4) Enter telephone number.
Line 2. Enter the amount of loan interest income received
from businesses during the taxable year from qualified loans
listed in Section C, columns (b) and (d).
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