Form It-40 - Indiana Full-Year Resident Individual Income Tax Instruction Booklet - 2011 Page 47
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60Individual development account credit 823
This credit will not be awarded after 2011. Any tax credit previously
awarded but not claimed may not be carried over to a taxable year
A credit is available for contributions made to a community
beginning during the period January 1, 2012, through December 31,
development corporation participating in an Individual Development
2013, and must be carried forward to a taxable year that begins after
Account (IDA) program.
December 31, 2013, and before January 1, 2016.
The organization must have an approved program number from the
Note. The amount of all maternity home tax credits allowed for all
Indiana Housing and Community Development Authority before a
taxpayers in a year is limited to $500,000.
contribution qualifies for pre-approval. Applications for the credit are
filed through the community development corporation by using Form
Note. See the Restriction for Certain Tax Credits - Limited to One
IDA-10/20. An approved Form IDA-20 must be enclosed with your
per Project and the Combined Limitation on page 49 for additional
return if claiming this credit.
limitations.
S corporations and partnerships may take this credit and pass through
Enter code 825 under line 6 if claiming this credit.
the unused portion to their shareholders and partners.
Military base investment cost credit 826
To request additional information about the definitions, procedures
This credit is available for certain taxpayers who provide for a qualified
and qualifications for obtaining this credit, contact: Indiana Housing
investment in a business located in a military base, a military base reuse
and Community Development Authority, 30 S. Meridian St., Suite
area, an economic development area, a military base recovery site or a
1000, Indianapolis, IN 46204, telephone number (317) 232-7777.
military base enhancement area.
Note. The total amount of individual development account credits
For more information about this credit, contact the Indiana
allowed for all taxpayers in a year is limited to $200,000.
Economic Development Corporation at One North Capitol, Suite 700,
Indianapolis, IN, 46204, call (317) 232-8827, or visit their website at
Keep the approval certification from IEDC or letter of assignment
with your records as the Department can require you to provide this
information.
You must keep docu mentation of the qualified investment and
certification of the percentage credit allowed by the Indiana Economic
Enter code 823 under line 6 if claiming this credit. See the Combined
Development Corporation as the Department can require you to
Limitation on page 49.
provide this information.
Industrial recovery credit 824
Note. See the Restriction for Certain Tax Credits - Limited to One
This credit is based on a taxpayer’s qualified investment in a vacant
per Project and the Combined Limitation on page 49 for additional
industrial facility located in a designated industrial recovery site. If the
limitations.
Indiana Economic Development Corporation approves the application
and the plan for rehabilitation, you are entitled to a credit based on the
Enter code 826 under line 6 if claiming this credit.
“qualified investment. ” The minimum age for a facility to be eligible for
this credit has been reduced from 20 years to 15 years.
Military base recovery credit 827
A taxpayer who is an owner or developer of a military base recovery
For additional information regarding procedures for obtaining this
site may be eligible for a credit if investing in the rehabilitation of real
credit, contact the Indiana Economic Development Corporation, One
property located in a military base recovery site according to a plan
North Capitol, Suite 700, Indianapolis, IN 46204, call (317) 232-8827,
approved by the Indiana Economic Development Corporation (IEDC).
or visit their website at
For more information about this credit, contact the Indiana
Note. See the Restriction for Certain Tax Credits - Limited to One
Economic Development Corporation at One North Capitol, Suite 700,
per Project and the Combined Limitation on page 49 for additional
Indianapolis, IN, 46204, call (317) 232-8827, or visit their website at
limitations.
Enter code 824 under line 6 if claiming this credit.
Note. See the Restriction for Certain Tax Credits - Limited to One
per Project and the Combined Limitation on page 49 for additional
Maternity home credit
825
limitations.
A credit is allowed for maternity homeowners who provide a
temporary residence to at least one unrelated pregnant woman, for at
Enter code 827 under line 6 if claiming this credit. You must enclose
least 60 consecutive days during her pregnancy.
approval certification from IEDC or a letter of assignment with your
return.
Contact the Maternal and Child Health Division at 2 N. Meridian St.
3
Floor, Indianapolis, IN 46204, or call (317) 233-1253 to obtain an
rd
Neighborhood assistance credit 828
application and more information about this credit.
If you made a contribution or engaged in activities to upgrade areas
in Indiana, you may be able to claim a credit for this assistance.
Page 47
IT-40 Booklet 2011
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