{"data":{"id":"us-in/ic-6-3.1-38-7","jurisdiction":"us-in","citation":"IC 6-3.1-38-7","heading":"Maximum amount of credit; approval of claims","body":"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.\n(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.\n(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.\n(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.","path":["TITLE 6. TAXATION","ARTICLE 3.1. STATE TAX LIABILITY CREDITS","Chapter 38. Health Reimbursement Arrangement Credit"],"source_url":"https://iga.in.gov/ic/2026/Title_6.html#6-3.1-38-7","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-09T01:51:39Z","sha256":"e5fd03f0c4ef5b2acaec2fa10e22ae787b2c5068d7989b500a37693aa2ed67fc","source_id":"us-in","stale":false,"prev":"us-in/ic-6-3.1-38-6","next":"us-in/ic-6-3.1-38-8"},"notice":"GroundRules: Original legal text. Not legal advice."}