Indiana Code Title 6. Taxation § 6-3.1-13-20

Sec. 20. (a) Except as provided in subsection (b), a taxpayer claiming a credit under this chapter must claim the credit on the taxpayer's annual state tax return or returns in the manner prescribed by the department of state revenue.  The taxpayer shall submit to the department of state revenue all information that the department determines necessary for the calculation of the credit provided by this chapter and the determination of whether the credit was properly claimed.

(b) Notwithstanding subsection (a), if a taxpayer is entitled to a credit under this chapter, the taxpayer may, with the approval of the corporation, elect to forgo claiming the credit against any state tax liability and submit the credit to the department with a request to receive a payment from the corporation, to be paid from funds appropriated to the corporation for business promotion and innovation that is equal to the credit for that taxable year as provided in IC 6-3-5-5.