{"data":{"id":"us-in/ic-6-3.1-29-20","jurisdiction":"us-in","citation":"IC 6-3.1-29-20","heading":"Allocation of credit among shareholders, partners, and members","body":"Sec. 20. (a) This section applies if a qualified investment is made by a pass through entity or by taxpayers who are co-owners of an integrated coal gasification powerplant or a fluidized bed combustion technology.\n(b) If the credit allowed by this chapter for a taxable year is greater than the state tax liability of the pass through entity against which the tax credit may be applied, a shareholder, partner, or member of the pass through entity is entitled to a tax credit equal to:\n(1) the tax credit determined for the pass through entity for the taxable year in excess of the pass through entity's state tax liability for the taxable year; multiplied by\n(2) in the case of a pass through entity described in:\n(i) section 9(1), 9(2), 9(3), or 9(4) of this chapter, the percentage of the pass through entity's distributive income to which the shareholder, partner, or member is entitled; and\n(ii) section 9(5) or 9(6) of this chapter, the relative percentage of the corporation's patronage dividends allocable to the member for the taxable year.\n(c) If an integrated coal gasification powerplant or a fluidized bed combustion technology is co-owned by two (2) or more taxpayers, the amount of the credit that may be allowed to a co-owner in a taxable year is equal to:\n(1) the tax credit determined under sections 15 and 16 of this chapter with respect to the total qualified investment in the integrated coal gasification powerplant or fluidized bed combustion technology; multiplied by\n(2) the co-owner's percentage of ownership in the integrated coal gasification powerplant or fluidized bed combustion technology.\n(d) The amount of an annual installment of the credit allowed to a shareholder, partner, or member of a pass through entity or a co-owner shall be determined under section 16 of this chapter modified as follows:\n(1) Section 16(b) STEP ONE (A) of this chapter shall be based on the percentage of the credit allowed to the shareholder, partner, member, or co-owner under this section.\n(2) Section 16(b) STEP ONE (B) of this chapter shall be based on the:\n(A) state tax liability; or\n(B) utilities receipts tax liability;\nof the shareholder, partner, member, or co-owner.","path":["TITLE 6. TAXATION","ARTICLE 3.1. STATE TAX LIABILITY CREDITS","Chapter 29. Coal Gasification Technology Investment Tax Credit"],"source_url":"https://iga.in.gov/ic/2026/Title_6.html#6-3.1-29-20","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-09T01:51:39Z","sha256":"c95c2e0e436acf4679423d642dbcedffadacdfd5f4525118dcace1743eaed225","source_id":"us-in","stale":false,"prev":"us-in/ic-6-3.1-29-19","next":"us-in/ic-6-3.1-29-20.5"},"notice":"GroundRules: Original legal text. Not legal advice."}