Indiana Code Title 6. Taxation § 6-3.1-22-15

Sec. 15. (a) The amount of tax credits allowed under this chapter may not exceed two hundred fifty thousand dollars ($250,000) in a state fiscal year beginning July 1, 2001, or thereafter.

(b) If the total credits approved by the office in a state fiscal year under this chapter equal the maximum amount allowable in the state fiscal year under subsection (a), the office shall not approve an additional application for the credits in that state fiscal year.

(c) If a credit allowable under section 8 of this chapter results in credits being granted in excess of the maximum amount allowable in a state fiscal year under this section, the office shall approve a credit of the maximum amount allowable under this section for that state fiscal year minus the previously approved credits for that state fiscal year.

(d) For purposes of this section, a credit allowed for qualified expenditures incurred before July 1, 2024, and approved by the office before March 10, 2025, shall be treated as being allowed for a state fiscal year beginning before July 1, 2024.