Section 6-3.1-29-16 - Limitations on use of credit(a) A credit awarded under section 15 of this chapter must be taken in ten (10) annual installments, beginning with the year in which the taxpayer places into service an integrated coal gasification powerplant or a fluidized bed combustion technology.(b) Subject to section 20 of this chapter, the amount of an annual installment of the credit awarded under section 15 of this chapter is equal to the amount determined in the last of the following STEPS: STEP ONE: Determine the lesser of:
(A) the credit amount determined under section 15 of this chapter, divided by ten (10); or(B) the greater of: (i) the taxpayer's total state tax liability for the taxable year, multiplied by twenty-five percent (25%); or(ii) the taxpayer's liability for the utility receipts tax imposed under IC 6-2.3 (before its repeal) for the taxable year. STEP TWO: Multiply the STEP ONE amount by the percentage of Indiana coal used in the taxpayer's integrated coal gasification powerplant or fluidized bed combustion technology in the taxable year for which the annual installment of the credit is allowed.
(c) If the credit allowed by this chapter is available to a member of an affiliated group of corporations filing a consolidated return under IC 6-2.3-6-5 (before its repeal) or IC 6-3-4-14, the credit shall be applied against the state tax liability of the affiliated group.Amended by P.L. 138-2022,SEC. 11, eff. 7/1/2022.As added by P.L. 191-2005, SEC.15. Amended by P.L. 122-2006, SEC.14.