Indiana Code Title 5. State and Local Administration § 5-28-6-9

(1) for a state fiscal year each state fiscal year ending on or before June 30, 2025, for all taxpayers is two hundred fifty million dollars ($250,000,000);  and

(2) for each state fiscal year ending on or after July 1, 2025, for all taxpayers is three hundred million dollars ($300,000,000).  Each certification under this subdivision is subject to budget committee review.

(1) An applicable tax credit is considered awarded in the state fiscal year in which the taxpayer can first claim the credit, determined without regard to any carryforward period or carryback period.

(2) An applicable tax credit awarded by the corporation before July 1, 2022, shall be counted toward the aggregate credit limitation under this section.

(3) If an accelerated credit is awarded under IC 6-3.1-26-15, the amount counted toward the aggregate credit limitation under this section for a state fiscal year shall be the amount of the credit for the taxable year described in subdivision (1) prior to any discount.

(1) an applicable tax credit should be certified in a state fiscal year;  and

(2) certification of the applicable tax credit will result in an aggregate amount of applicable tax credits certified for that state fiscal year that exceeds the maximum amount provided in subsection (a);