Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 02, 2024 | Updated by FindLaw Staff
Sec. 7. (a) Subject to IC 5-28-6-9, the Indiana economic development corporation may award a credit to a qualified taxpayer against the qualified taxpayer's state tax liability in the taxable year in which the qualified taxpayer completes restoration and preservation of a qualified historic structure if the total amount of qualified rehabilitation expenditures incurred by the qualified taxpayer equals five thousand dollars ($5,000) or more.
(b) The amount of the credit is equal to:
(1) twenty-five percent (25%) of the qualified rehabilitation expenditures that the qualified taxpayer makes for the restoration and preservation of a qualified historic structure; or
(2) thirty percent (30%) of the qualified rehabilitation expenditures that the qualified taxpayer makes for the restoration and preservation of a qualified historic structure that is:
(A) owned by a taxpayer that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code; or
(B) not income producing.
(c) If the Indiana economic development corporation awards credits under this chapter, the department of state revenue and the office of community and rural affairs shall administer the allowance of the credits.
Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-3.1-17.1-7 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-3-1-17-1-7/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)