IC 6-3.1-38-7 — Maximum amount of credit; approval of claims
Chapter 38. Health Reimbursement Arrangement Credit
Bills amending this section
Section text
Sec. 7. (a) The amount of tax credits granted under this chapter may not exceed ten million dollars ($10,000,000) in any calendar year. (b) The department shall record the time of filing of each return claiming a credit under section 6 of this chapter and shall approve the claims if they otherwise qualify for a tax credit under this chapter, in the chronological order in which the claims are filed in the calendar year. The claim of a credit resulting from a pass through entity shall be considered to be filed when the pass through entity files a return for the taxable year. (c) For purposes of calculating the amount of tax credits granted under this chapter in a calendar year, in the case of a taxpayer for whom some amount of the credit claimed must be carried over under section 8 of this chapter, the taxpayer is considered to have filed a claim for the full amount allowable to the taxpayer. (d) The department may not approve a claim for a tax credit after the date on which the total credits approved under this section equal the maximum amount allowable in a particular calendar year.
As added by P.L.203-2023, SEC.2. Amended by P.L.157-2026, SEC.104.
Source: official publisher (2026 edition)