Form It-40 - Indiana Full-Year Resident Individual Income Tax Booklet - 2012 Page 43
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64The amount of the credit is the lesser of the amounts on A, B or C.
This credit is available to pass-through entities, such as members of
partnerships and S corporations.
Note. See the Combined Limitation on page 44.
The credit is nonrefundable and cannot be carried back. You may
Important. You must enclose either a copy of your W-2s showing the
carry forward any excess credit to the next tax year.
non-Indiana locality amount withheld or a copy of the non-Indiana
locality tax return.
The allowable credit is the lesser of the available credit or the county
tax due on line 9 of Form IT-40. Also, claim any unused amount
Remember, you can use this credit only if you have both:
(within certain limitations) on Schedule 6 under line 6 (see instruc-
•
A county tax amount on Form IT-40, line 9, and
tions for this credit on page 47).
•
A local income tax that you had to pay outside Indiana.
Contact the Indiana Economic Development Corporation, One North
Line 2 – County credit for the elderly
Capitol, Suite 700, Indianapolis, IN, 46204 for additional information.
(age 65 or older) or permanently disabled
Enter code 808 under line 3 if claiming this credit.
If you take a credit on federal Schedule R, Credit for the Elderly or the
Disabled, and you owe county tax, you may be allowed a credit.
Note. See the Combined Limitation on page 44.
Use the following steps to figure your credit.
Also, see the Restriction for Certain Tax Credits - Limited to One
per Project below for additional limitations.
A. Enter your county tax rate (from
Schedule CT-40, Section 1 line 4,
Voluntary remediation credit
836
or Section 2 line 6) ....................................... A ___________
A voluntary remediation credit is available for qualified investments
B. Divide line A by .15, round to 3 places,
involving redevelopment of a brownfield and environmental remedia-
and enter result here ..................................... B ___________
tion. The Indiana Department of Environmental Management and the
C. Enter credit from federal Schedule R ......... C ___________
Indiana Development Finance Authority must determine and certify
D. Multiply B times C and enter result here ... D ___________
that the costs incurred in a voluntary remediation are qualified invest-
E. Enter the amount of Indiana county tax
ments. Upon approval, the credit may be used to offset adjusted gross
shown on Form IT-40, line 9 ....................... E ___________
income tax, county tax, etc.
The amount of the county credit for the elderly is the lesser of the
For additional information, contact the Indiana Department of Envi-
amount on D or E. You must attach a copy of federal Schedule R.
ronmental Management, Indiana Government Center North, Room
N 1101, 100 N Senate Ave., Indianapolis, IN, 46204, or call (317) 232-
Note. See the Combined Limitation on page 44.
8827.
Example. Melinda is 67 years old. She is entitled to a credit of $550 on
See the Voluntary remediation credit instructions for line 6 on
federal Schedule R. Her county tax rate is .015, so the amount on Line
page 51.
B of the worksheet is .10. Her county tax due is $60. Melinda’s county
credit for the elderly is $55 (the lesser of [$550 x .10 = $55] or $60).
Enter code 836 under line 3 if claiming this credit. See the Combined
Limitation on page 44.
Line 3 – Other local credits
Both of the following credits have been assigned a three-digit code
Restriction for certain tax Credits - Limited to one per
number. When claiming the credit on Schedule 6 under line 3, enter
project
the name of the credit, the three-digit code number and the amount
claimed.
A taxpayer may not be granted more than one credit for the same
project. The credits that are included are the alternative fuel vehicle
Community revitalization enhancement district credit
manufacturer credit, community revitalization enhancement district
credit, enterprise zone investment cost credit, Hoosier business invest-
808
ment credit, industrial recovery credit, military base investment cost
A state and local income tax liability credit is available for a qualified
credit, military base recovery credit and the venture capital investment
investment made within a community revitalization enhancement
credit.
district. The expenditure must be made under a plan adopted by an
advisory commission on industrial development and approved by the
For more information see Commissioner’s Directive #29 at
Indiana Economic Development Corporation before it is made. The
credit is equal to 25 percent of the qualified investment made by the
taxpayer during the taxable year.
Apply this restriction first when figuring your credits. Then apply the
Combined Limitation on page 44.
Page 43
IT-40 Booklet 2012
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