{"data":{"id":"us-in/ic-6-1.1-8.2-5","jurisdiction":"us-in","citation":"IC 6-1.1-8.2-5","heading":"Determination of amount of credit","body":"Sec. 5. (a) Subject to subsection (b), the amount of the credit that a taxpayer is entitled to under section 4 of this chapter for a particular calendar year is equal to the lesser of:\n(1) twenty-five percent (25%) of the qualified expenditures made by the taxpayer in the calendar year immediately preceding the calendar year in which the tax liability is imposed; or\n(2) the taxpayer's total tax liability for the calendar year.\n(b) The total amount of credits provided under this chapter in a calendar year may not exceed two million eight hundred thousand dollars ($2,800,000). If the total amount of credits applied for in a calendar year exceeds the maximum provided under this subsection, each taxpayer's credit shall be reduced by an amount determined under the following STEPS:\nSTEP ONE: Divide the maximum amount of credits provided by this chapter for the year by the total amount of credits applied for under this chapter for the year.\nSTEP TWO: Multiply the STEP ONE result by the total amount of credits applied for by the taxpayer for the year.","path":["TITLE 6. TAXATION","ARTICLE 1.1. PROPERTY TAXES","Chapter 8.2. Credit for Railroad Car Maintenance and Improvements"],"source_url":"https://iga.in.gov/ic/2026/Title_6.html#6-1.1-8.2-5","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-09T01:51:39Z","sha256":"e4714263f88f7fd1a659bcd65725cd34ad0b321bdd6286859895802b79c91148","source_id":"us-in","stale":false,"prev":"us-in/ic-6-1.1-8.2-4","next":"us-in/ic-6-1.1-8.2-6"},"notice":"GroundRules: Original legal text. Not legal advice."}