SENATE BILL No. 51
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-3.1-1.5.
Synopsis: Sale of tax credits. Provides that a taxpayer that is entitled
to a state tax credit may sell, assign, convey, or otherwise transfer any
unused part of the tax credit that exceeds the taxpayer's tax liability.
Effective: July 1, 2005.
January 4, 2005, read first time and referred to Committee on Tax and Fiscal Policy.
First Regular Session 114th General Assembly (2005)
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SENATE BILL No. 51
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 6-3.1-1.5; (05)IN0051.1.1. -->
SECTION 1. IC 6-3.1-1.5 IS ADDED TO THE INDIANA CODE
AS A NEW
CHAPTER TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2005]:
Chapter 1.5. Sale or Assignment of Tax Credits
Sec. 1. Notwithstanding any other provision, a taxpayer:
(1) that is entitled to a tax credit under this article or
IC 6-3-3-10; and
(2) for which the tax credit or any part of the tax credit
exceeds the taxpayer's tax liability, after the application of
any other credits that are claimed by the taxpayer;
may after December 31, 2005, sell, assign, convey, or otherwise
transfer the unused part of the tax credit that exceeds the
taxpayer's tax liability.
Sec. 2. A sale, an assignment, a conveyance, or a transfer under
this chapter of a tax credit must be in writing, and both the
taxpayer and the person to which the credit is sold, assigned,
conveyed, or transferred must report the sale, assignment,
conveyance, or transfer on their state tax returns in the manner
prescribed by the department.
Sec. 3. The department shall adopt rules necessary to administer