Indiana Code Title 6. Taxation § 6-3.1-35-5

Sec. 5. (a) If a pass through entity is entitled to a state tax credit but does not have state tax liability against which the state tax credit may be applied, the pass through entity may allocate or otherwise transfer the state tax credit among the shareholders, members, or partners of the pass through entity in any manner agreed to by the shareholders, members, or partners, regardless of how the federal tax credit for the qualified project is allocated or transferred or whether the allocation or transfer of the state tax credit under the agreement has substantial economic effect under Section 704(b) of the Internal Revenue Code.  A pass through entity or its designee shall certify to the department the amount of the state tax credit that is allocated or transferred to each shareholder, member, or partner of the pass through entity for the taxable year, if any, in the manner prescribed by the department.

(b) The credit provided under subsection (a) is in addition to a state tax credit to which a shareholder, member, or partner of a pass through entity is otherwise entitled under this chapter.