a credit equal to the amount determined under STEP FIVE of the
STEP ONE: Determine the value of the vehicle as listed in the lease agreement and negotiated by the dealer and the purchaser.
STEP TWO: Determine the residual value of the hybrid vehicle.
STEP THREE: Subtract the STEP TWO amount from the STEP ONE amount.
STEP FOUR: Divide the STEP THREE result by the STEP ONE amount.
STEP FIVE: Multiply the STEP FOUR result (rounded to the nearest ten-thousandth (0.0001)) by one thousand dollars ($1,000).
(f) An individual who:
(1) claims a credit under this section for a leased hybrid vehicle; and
(2) purchases the leased hybrid vehicle at the end of the lease term;
is entitled to a credit under this subsection for the taxable year in which the leased hybrid vehicle is purchased. The amount of the credit provided in this subsection is equal to the result of the credit claimed by the individual under subsection (e) at the beginning of the lease term subtracted from one thousand dollars ($1,000).
(g) The total number of credits that may be allowed under this section in a particular state fiscal year may not exceed five thousand (5,000) credits. Any credits claimed under subsection (f) may not be considered in determining the number of credits that may be allowed under this subsection.
(h) The department shall develop and implement a system that informs the citizens of Indiana of the availability of a credit under this section before the sale or lease of a hybrid vehicle for which the individual may claim a credit under this section.
(i) To obtain the credit provided by this section, the individual must:
(1) claim the credit on the individual's state tax return or returns in the manner prescribed by the department; and
(2) submit to the department proof of all information that the department determines is necessary for the calculation of the credit.
(j) An individual is not entitled to a credit under this section if the hybrid vehicle for which the credit is being claimed was purchased for the purpose of resale or lease.".