Bill Text: IN HB1547 | 2011 | Regular Session | Introduced
Bill Title: Historic preservation tax credit.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2011-01-20 - First reading: referred to Committee on Ways and Means [HB1547 Detail]
Download: Indiana-2011-HB1547-Introduced.html
Introduced Version
HOUSE BILL No. 1547
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-3.1-16; IC 14-8-2-107; IC 14-21-1.
(Continued next page)
Effective: July 1, 2011; January 1, 2012.
Clere, Saunders
January 20, 2011, read first time and referred to Committee on Ways and Means.
Digest Continued
archeology of the department of natural resources to reserve 20% of the
available credit for projects for which the qualified expenditures
approved by the division do not exceed $250,000. Provides that the
division may collect a fee which equals 2.5% of qualified expenses for
projects with over $2,000,000 in qualified expenses. Provides the fee
is used to pay for administrative costs associated with certifying
historic property for the tax credit. Establishes the historic
rehabilitation credit fund. Provides that the fee collected by the division
of historic preservation and archeology shall be deposited into the fund.
Provides that money in the fund in excess of $10,000,000 reverts to the
state general fund at the end of a fiscal year. Authorizes the adoption
of emergency rules.
Introduced
First Regular Session 117th General Assembly (2011)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
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HOUSE BILL No. 1547
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 6-3.1-16-1.5; (11)IN1547.1.1. -->
SECTION 1. IC 6-3.1-16-1.5 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JANUARY 1, 2012]: Sec. 1.5. As used in this chapter,
"difficult development area" has the meaning set forth in Section
42(d)(5)(B)(iii) of the Internal Revenue Code.
SOURCE: IC 6-3.1-16-2.8; (11)IN1547.1.2. -->
SECTION 2. IC 6-3.1-16-2.8 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2011]: Sec. 2.8. As used in this chapter,
"person" means:
(1) an individual;
(2) a corporation;
(3) an S corporation;
(4) a partnership;
(5) a limited liability company;
(6) a limited liability partnership;
(7) a nonprofit organization; or
(8) a joint venture.
(1) an individual;
(2) a corporation;
(3) an S corporation;
(4) a partnership;
(5) a limited liability company;
(6) a limited liability partnership;
(7) a nonprofit organization; or
(8) a joint venture.
SOURCE: IC 6-3.1-16-3.5; (11)IN1547.1.3. -->
SECTION 3. IC 6-3.1-16-3.5 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JANUARY 1, 2012]: Sec. 3.5. As used in this chapter,
"qualified census tract" has the meaning set forth in Section
42(d)(5)(B)(ii) of the Internal Revenue Code.
SOURCE: IC 6-3.1-16-6.2; (11)IN1547.1.4. -->
SECTION 4. IC 6-3.1-16-6.2 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2011]: Sec. 6.2. As used in this chapter,
"taxpayer" means:
(1) a person that:
(A) is the holder of a credit that is awarded or assigned under this chapter; and
(B) has a state tax liability against which any part of the credit may be applied; or
(2) a shareholder, partner, or member of a pass through entity that:
(A) is the holder of a credit that is awarded or assigned under this chapter; and
(B) does not have any state tax liability against which any part of the credit may be applied.
(1) a person that:
(A) is the holder of a credit that is awarded or assigned under this chapter; and
(B) has a state tax liability against which any part of the credit may be applied; or
(2) a shareholder, partner, or member of a pass through entity that:
(A) is the holder of a credit that is awarded or assigned under this chapter; and
(B) does not have any state tax liability against which any part of the credit may be applied.
SOURCE: IC 6-3.1-16-7; (11)IN1547.1.5. -->
SECTION 5. IC 6-3.1-16-7 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2012]: Sec. 7. (a) Subject to
section 14 of this chapter, a taxpayer is entitled to a credit against the
taxpayer's state tax liability in the taxable year in which the taxpayer
completes the preservation or rehabilitation of historic property and
obtains the certifications required under section 8 of this chapter.
(b) The amount of the credit is equal to twenty percent (20%) of the
qualified expenditures that:
(1) the taxpayer makes for the preservation or rehabilitation of
historic property; and
(2) are approved by the division.
(b) The credit applies to qualified expenditures that:
(1) the taxpayer makes for the preservation or rehabilitation of historic property; and
(2) are approved by the division.
(c) The amount of the credit must be determined under one (1) of the following methods:
(1) If the total amount of the taxpayer's qualified expenditures are less than two million dollars ($2,000,000), the amount of the credit is equal to forty percent (40%) of either of the
(b) The credit applies to qualified expenditures that:
(1) the taxpayer makes for the preservation or rehabilitation of historic property; and
(2) are approved by the division.
(c) The amount of the credit must be determined under one (1) of the following methods:
(1) If the total amount of the taxpayer's qualified expenditures are less than two million dollars ($2,000,000), the amount of the credit is equal to forty percent (40%) of either of the
following amounts:
(A) The total amount of the qualified expenditures made
by the taxpayer.
(B) The product of:
(i) the total amount of the qualified expenditures made
by the taxpayer; multiplied by
(ii) one and three-tenths (1.3);
in the case of a person who applies for a credit for the
preservation or rehabilitation of historic property located
in a difficult development area or a qualified census tract.
(2) If the property preserved or rehabilitated is a school, a
hospital, or subject to a grant received under the main street
program established under IC 4-4-16-1, the amount of the
credit is equal to forty percent (40%) of either of the following
amounts:
(A) The total amount of the qualified expenditures made
by the taxpayer.
(B) The product of:
(i) the total amount of the qualified expenditures made
by the taxpayer; multiplied by
(ii) one and three-tenths (1.3);
in the case of a person who applies for a credit for the
preservation or rehabilitation of historic property located
in a difficult development area or a qualified census tract.
(3) If the property preserved or rehabilitated is not described
by either subdivision (1) or (2), the amount of the credit is
equal to twenty percent (20%) of either of the following
amounts:
(A) The total amount of the qualified expenditures made
by the taxpayer.
(B) The product of:
(i) the total amount of the qualified expenditures made
by the taxpayer; multiplied by
(ii) one and three-tenths (1.3);
in the case of a person who applies for a credit for the
preservation or rehabilitation of historic property located
in a difficult development area or a qualified census tract.
(c) (d) In the case of a husband and wife who:
(1) own and rehabilitate a historic property jointly; and
(2) file separate tax returns;
the husband and wife may take the credit in equal shares or one (1)
spouse may take the whole credit.
SOURCE: IC 6-3.1-16-8; (11)IN1547.1.6. -->
SECTION 6. IC 6-3.1-16-8 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2012]: Sec. 8. A taxpayer
person qualifies for a credit under section 7 of this chapter if all of the
following conditions are met:
(1) The historic property is:
(A) located in Indiana;
(B) at least fifty (50) years old; and
(C) except as provided in section7(c) 7(d) of this chapter,
owned by the taxpayer. person.
(2) The division certifies that the historic property is listed in the register of Indiana historic sites and historic structures.
(3) The division certifies that thetaxpayer person submitted a
proposed preservation or rehabilitation plan to the division that
complies with the standards of the division.
(4) The division certifies that the preservation or rehabilitation work that is the subject of the credit substantially complies with the proposed plan referred to in subdivision (3).
(5) The preservation or rehabilitation work is completed in not more than:
(A) two (2) years; or
(B) five (5) years if the preservation or rehabilitation plan indicates that the preservation or rehabilitation is initially planned for completion in phases.
The time in which work must be completed begins when the physical work of construction or destruction in preparation for construction begins.
(6) The historic property is:
(A) actively used in a trade or business;
(B) held for the production of income; or
(C) held for the rental or other use in the ordinary course of thetaxpayer's person's trade or business.
(7) The qualified expenditures for preservation or rehabilitation of the historic property exceedten twenty-five thousand dollars
($10,000). ($25,000).
(8) The division certifies that a fee required under IC 14-21-1-37 has been paid.
(1) The historic property is:
(A) located in Indiana;
(B) at least fifty (50) years old; and
(C) except as provided in section
(2) The division certifies that the historic property is listed in the register of Indiana historic sites and historic structures.
(3) The division certifies that the
(4) The division certifies that the preservation or rehabilitation work that is the subject of the credit substantially complies with the proposed plan referred to in subdivision (3).
(5) The preservation or rehabilitation work is completed in not more than:
(A) two (2) years; or
(B) five (5) years if the preservation or rehabilitation plan indicates that the preservation or rehabilitation is initially planned for completion in phases.
The time in which work must be completed begins when the physical work of construction or destruction in preparation for construction begins.
(6) The historic property is:
(A) actively used in a trade or business;
(B) held for the production of income; or
(C) held for the rental or other use in the ordinary course of the
(7) The qualified expenditures for preservation or rehabilitation of the historic property exceed
(8) The division certifies that a fee required under IC 14-21-1-37 has been paid.
SOURCE: IC 6-3.1-16-9; (11)IN1547.1.7. -->
SECTION 7. IC 6-3.1-16-9 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 9. (a) The division shall
provide the certifications referred to in section 8(3) and 8(4) of this
chapter if a taxpayer's person's proposed preservation or rehabilitation
plan complies with the standards of the division and the taxpayer's
person's preservation or rehabilitation work complies with the plan.
(b) Thetaxpayer person may appeal a decision by the division
under this chapter to the review board.
(b) The
SOURCE: IC 6-3.1-16-11; (11)IN1547.1.8. -->
SECTION 8. IC 6-3.1-16-11 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2012]: Sec. 11. (a) This
section does not apply to a person if the person is entitled to a
credit under Section 42 of the Internal Revenue Code for the
historic property.
(b) For purposes of IC 6-3, the adjusted basis of:
(1) the structure, if the historic property is a structure; or
(2) the entire property, if the historic property is not a structure;
shall be reduced by the amount of a credit granted under this chapter.
(b) For purposes of IC 6-3, the adjusted basis of:
(1) the structure, if the historic property is a structure; or
(2) the entire property, if the historic property is not a structure;
shall be reduced by the amount of a credit granted under this chapter.
SOURCE: IC 6-3.1-16-12; (11)IN1547.1.9. -->
SECTION 9. IC 6-3.1-16-12 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 12. (a) A credit claimed
under this chapter shall be recaptured from the taxpayer person who
receives the certifications referred to in section 8(3) and 8(4) of this
chapter or, if applicable, from an assignee to which the property is
transferred, if:
(1) the property is transferred, other than:
(A) to an assignee; or
(B) as a condominium (as defined in IC 32-25-2-7);
less than five (5) years after completion of the certified preservation or rehabilitation work; or
(2) less than five (5) years after completion of the certified preservation or rehabilitation, additional modifications to the property are undertaken that do not meet the standards of the division.
(b) If the recapture of a credit is required under this section, an amount equal to the credit recaptured shall be added to the tax liability of thetaxpayer person who receives the certifications under section
8 of this chapter or, if applicable, an assignee to which the property
is transferred, for the taxable year during which the credit is
recaptured.
(1) the property is transferred, other than:
(A) to an assignee; or
(B) as a condominium (as defined in IC 32-25-2-7);
less than five (5) years after completion of the certified preservation or rehabilitation work; or
(2) less than five (5) years after completion of the certified preservation or rehabilitation, additional modifications to the property are undertaken that do not meet the standards of the division.
(b) If the recapture of a credit is required under this section, an amount equal to the credit recaptured shall be added to the tax liability of the
SOURCE: IC 6-3.1-16-13.5; (11)IN1547.1.10. -->
SECTION 10. IC 6-3.1-16-13.5 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2011]: Sec. 13.5. (a) The holder of a credit
may assign any part of the credit to which the holder is entitled
under this chapter to another person if the holder complies with
this section.
(b) The assignor must provide the assignee with a copy of the certifications by the division required under sections 8 and 9 of this chapter.
(c) The assignor must provide written notification of the
(b) The assignor must provide the assignee with a copy of the certifications by the division required under sections 8 and 9 of this chapter.
(c) The assignor must provide written notification of the
assignment to the:
(1) division; and
(2) department;
not later than thirty (30) days after the assignment.
(d) The notification provided under subsection (c) must contain:
(1) the name of the assignor;
(2) the name of the assignee;
(3) the date of assignment;
(4) the terms of the assignment; and
(5) any information requested by the division or the
department.
(e) The assignor may assign a credit under this chapter to an
assignee other than a holder of a credit under Section 47 of the
Internal Revenue Code for the same property.
(f) If any part of a credit is assigned under this section, the
assignor and the assignee shall report the assignment on their state
tax returns for the year in which the assignment is made, in the
manner prescribed by the department.
SOURCE: IC 6-3.1-16-13.7; (11)IN1547.1.11. -->
SECTION 11. IC 6-3.1-16-13.7 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2011]: Sec. 13.7. The holder of a credit that
is assigned in conformity with this chapter is entitled to a credit
against the holder's state tax liability to the same extent as if the
holder were the person to which the credit was awarded.
SOURCE: IC 6-3.1-16-14; (11)IN1547.1.12. -->
SECTION 12. IC 6-3.1-16-14 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 14. (a) The amount of
tax credits allowed under this chapter may not exceed the following
amounts:
(1) seven hundred fifty thousand dollars ($750,000) in the state
fiscal year beginning July 1, 1997, and the state fiscal year
beginning July 1, 1998; and
(2) (1) Four hundred fifty thousand dollars ($450,000) in a state
fiscal year that begins July 1, after June 30, 1999, or thereafter.
and ends before July 1, 2012.
(2) Two million dollars ($2,000,000) in the state fiscal year beginning July 1, 2012.
(3) Four million dollars ($4,000,000) in the state fiscal year beginning July 1, 2013.
(4) Six million dollars ($6,000,000) in the state fiscal year beginning July 1, 2014.
(5) Eight million dollars ($8,000,000) in the state fiscal year beginning July 1, 2015.
(6) Ten million dollars ($10,000,000) for a state fiscal year beginning after June 30, 2016.
(b) The amount of the tax credit allowed under this chapter for the preservation or rehabilitation of a particular property in a particular state fiscal year may not exceed the product of:
(1) the total amount of credits that may be allowed to all taxpayers in that state fiscal year; multiplied by
(2) twenty percent (20%).
(c) The division shall reserve twenty percent (20%) of the total amount of available tax credits in each state fiscal year for those projects for which the qualified expenditures approved by the division do not exceed two hundred fifty thousand dollars ($250,000). If the amount reserved under this subsection exceeds the amount of tax credits actually allowed to taxpayers that are eligible to receive tax credits from the reserved amount, the division may allow the excess amount to be claimed by any taxpayer otherwise entitled to a tax credit under this chapter.
(2) Two million dollars ($2,000,000) in the state fiscal year beginning July 1, 2012.
(3) Four million dollars ($4,000,000) in the state fiscal year beginning July 1, 2013.
(4) Six million dollars ($6,000,000) in the state fiscal year beginning July 1, 2014.
(5) Eight million dollars ($8,000,000) in the state fiscal year beginning July 1, 2015.
(6) Ten million dollars ($10,000,000) for a state fiscal year beginning after June 30, 2016.
(b) The amount of the tax credit allowed under this chapter for the preservation or rehabilitation of a particular property in a particular state fiscal year may not exceed the product of:
(1) the total amount of credits that may be allowed to all taxpayers in that state fiscal year; multiplied by
(2) twenty percent (20%).
(c) The division shall reserve twenty percent (20%) of the total amount of available tax credits in each state fiscal year for those projects for which the qualified expenditures approved by the division do not exceed two hundred fifty thousand dollars ($250,000). If the amount reserved under this subsection exceeds the amount of tax credits actually allowed to taxpayers that are eligible to receive tax credits from the reserved amount, the division may allow the excess amount to be claimed by any taxpayer otherwise entitled to a tax credit under this chapter.
SOURCE: IC 6-3.1-16-15; (11)IN1547.1.13. -->
SECTION 13. IC 6-3.1-16-15 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 15. The following may
adopt rules under IC 4-22-2, including emergency rules under
IC 4-22-2-37.1, to carry out this chapter:
(1) The department of state revenue.
(2) The division.
(1) The department of state revenue.
(2) The division.
SOURCE: IC 14-8-2-107; (11)IN1547.1.14. -->
SECTION 14. IC 14-8-2-107, AS AMENDED BY P.L.85-2008,
SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2011]: Sec. 107. "Fund" has the following meaning:
(1) For purposes of IC 14-9-5, the meaning set forth in IC 14-9-5-1.
(2) For purposes of IC 14-9-8-21, the meaning set forth in IC 14-9-8-21.
(3) For purposes of IC 14-9-8-21.5, the meaning set forth in IC 14-9-8-21.5.
(4) For purposes of IC 14-9-9, the meaning set forth in IC 14-9-9-3.
(5) For purposes of IC 14-12-1, the meaning set forth in IC 14-12-1-1.
(6) For purposes of IC 14-12-2, the meaning set forth in IC 14-12-2-2.
(7) For purposes of IC 14-12-3, the meaning set forth in IC 14-12-3-2.
(8) For purposes of IC 14-13-1, the meaning set forth in IC 14-13-1-2.
(9) For purposes of IC 14-13-2, the meaning set forth in IC 14-13-2-3.
(10) For purposes of IC 14-16-1, the meaning set forth in IC 14-16-1-30.
(11) For purposes of IC 14-19-8, the meaning set forth in IC 14-19-8-1.
(12) For purposes of IC 14-20-1, the meaning set forth in IC 14-20-1-3.
(13) For purposes of IC 14-20-11, the meaning set forth in IC 14-20-11-2.
(14) For purposes of IC 14-21-1-37, the meaning set forth in IC 14-21-1-37(a).
(14) (15) For purposes of IC 14-21-4, the meaning set forth in
IC 14-21-4-10.
(15) (16) For purposes of IC 14-22-3, the meaning set forth in
IC 14-22-3-1.
(16) (17) For purposes of IC 14-22-4, the meaning set forth in
IC 14-22-4-1.
(17) (18) For purposes of IC 14-22-5, the meaning set forth in
IC 14-22-5-1.
(18) (19) For purposes of IC 14-22-8, the meaning set forth in
IC 14-22-8-1.
(19) (20) For purposes of IC 14-22-34, the meaning set forth in
IC 14-22-34-2.
(20) (21) For purposes of IC 14-23-3, the meaning set forth in
IC 14-23-3-1.
(21) (22) For purposes of IC 14-24-4.5, the meaning set forth in
IC 14-24-4.5-2(5).
(22) (23) For purposes of IC 14-25-2-4, the meaning set forth in
IC 14-25-2-4.
(23) (24) For purposes of IC 14-25-10, the meaning set forth in
IC 14-25-10-1.
(24) (25) For purposes of IC 14-25-11-19, the meaning set forth
in IC 14-25-11-19.
(25) (26) For purposes of IC 14-25.5, the meaning set forth in
IC 14-25.5-1-3.
(26) (27) For purposes of IC 14-28-5, the meaning set forth in
IC 14-28-5-2.
(27) (28) For purposes of IC 14-31-2, the meaning set forth in
IC 14-31-2-5.
(28) (29) For purposes of IC 14-25-12, the meaning set forth in
IC 14-25-12-1.
(29) (30) For purposes of IC 14-32-8, the meaning set forth in
IC 14-32-8-1.
(30) (31) For purposes of IC 14-33-14, the meaning set forth in
IC 14-33-14-3.
(31) (32) For purposes of IC 14-33-21, the meaning set forth in
IC 14-33-21-1.
(32) (33) For purposes of IC 14-34-6-15, the meaning set forth in
IC 14-34-6-15.
(33) (34) For purposes of IC 14-34-14, the meaning set forth in
IC 14-34-14-1.
(34) (35) For purposes of IC 14-37-10, the meaning set forth in
IC 14-37-10-1.
(1) For purposes of IC 14-9-5, the meaning set forth in IC 14-9-5-1.
(2) For purposes of IC 14-9-8-21, the meaning set forth in IC 14-9-8-21.
(3) For purposes of IC 14-9-8-21.5, the meaning set forth in IC 14-9-8-21.5.
(4) For purposes of IC 14-9-9, the meaning set forth in IC 14-9-9-3.
(5) For purposes of IC 14-12-1, the meaning set forth in IC 14-12-1-1.
(6) For purposes of IC 14-12-2, the meaning set forth in IC 14-12-2-2.
(7) For purposes of IC 14-12-3, the meaning set forth in IC 14-12-3-2.
(8) For purposes of IC 14-13-1, the meaning set forth in IC 14-13-1-2.
(9) For purposes of IC 14-13-2, the meaning set forth in IC 14-13-2-3.
(10) For purposes of IC 14-16-1, the meaning set forth in IC 14-16-1-30.
(11) For purposes of IC 14-19-8, the meaning set forth in IC 14-19-8-1.
(12) For purposes of IC 14-20-1, the meaning set forth in IC 14-20-1-3.
(13) For purposes of IC 14-20-11, the meaning set forth in IC 14-20-11-2.
(14) For purposes of IC 14-21-1-37, the meaning set forth in IC 14-21-1-37(a).
SOURCE: IC 14-21-1-31; (11)IN1547.1.15. -->
SECTION 15. IC 14-21-1-31 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 31. (a) The commission
shall adopt rules under IC 4-22-2, including emergency rules under
IC 4-22-2-37.1, to implement this chapter.
(b) When adopting rules under this chapter the commission shall consider the following:
(1) The rights and interests of landowners.
(2) The sensitivity of human beings for treating human remains with respect and dignity.
(3) The value of history and archeology as a guide to human activity.
(4) The importance of amateur archeologists in making historical, cultural, and archeological discoveries.
(5) Applicable laws, standards, and guidelines for the conduct of archeology and codes of ethics for participation in archeology.
(b) When adopting rules under this chapter the commission shall consider the following:
(1) The rights and interests of landowners.
(2) The sensitivity of human beings for treating human remains with respect and dignity.
(3) The value of history and archeology as a guide to human activity.
(4) The importance of amateur archeologists in making historical, cultural, and archeological discoveries.
(5) Applicable laws, standards, and guidelines for the conduct of archeology and codes of ethics for participation in archeology.
SOURCE: IC 14-21-1-37; (11)IN1547.1.16. -->
SECTION 16. IC 14-21-1-37 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2011]: Sec. 37. (a) As used in this section,
"fund" refers to the historic rehabilitation credit fund established
by subsection (d).
(b) As used in this section, "person" has the meaning set forth in IC 6-3.1-16-2.8.
(c) As used in this section, "qualified expenditures" has the meaning set forth in IC 6-3.1-16-4.
(d) The historic rehabilitation credit fund is established to fund administrative costs associated with making certifications under IC 6-3.1-16-8.
(e) The fund consists of the following:
(1) Fees collected under this section.
(2) Appropriations by the general assembly.
(3) Money transferred to the fund from other funds.
(4) Money from any other source deposited in the fund.
(f) The director shall manage the fund. The fund shall be used for administrative costs:
(1) of the fund; and
(2) associated with making certifications under IC 6-3.1-16-8.
(g) Money in the fund at the end of a state fiscal year does not revert to the state general fund or any other fund. However, if the amount of money in the fund at the end of a particular fiscal year exceeds ten million dollars ($10,000,000), the treasurer of state shall transfer the excess from the fund into the state general fund.
(h) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public trust funds are invested. Interest that accrues from these investments shall be deposited in the fund.
(i) After December 31, 2011, the division shall charge a person a fee to provide certifications under IC 6-3.1-16-8 if the qualified expenditures to preserve or rehabilitate a historic property exceed two million dollars ($2,000,000). The amount of the fee is two and five-tenths percent (2.5%) of the amount of qualified expenditures.
(j) A calculation made under IC 6-3.1-16-7(c)(1)(B), IC 6-3.1-16-7(c)(2)(B), or IC 6-3.1-16-7(c)(3)(B) does not apply to the calculation of a fee under this section.
(b) As used in this section, "person" has the meaning set forth in IC 6-3.1-16-2.8.
(c) As used in this section, "qualified expenditures" has the meaning set forth in IC 6-3.1-16-4.
(d) The historic rehabilitation credit fund is established to fund administrative costs associated with making certifications under IC 6-3.1-16-8.
(e) The fund consists of the following:
(1) Fees collected under this section.
(2) Appropriations by the general assembly.
(3) Money transferred to the fund from other funds.
(4) Money from any other source deposited in the fund.
(f) The director shall manage the fund. The fund shall be used for administrative costs:
(1) of the fund; and
(2) associated with making certifications under IC 6-3.1-16-8.
(g) Money in the fund at the end of a state fiscal year does not revert to the state general fund or any other fund. However, if the amount of money in the fund at the end of a particular fiscal year exceeds ten million dollars ($10,000,000), the treasurer of state shall transfer the excess from the fund into the state general fund.
(h) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public trust funds are invested. Interest that accrues from these investments shall be deposited in the fund.
(i) After December 31, 2011, the division shall charge a person a fee to provide certifications under IC 6-3.1-16-8 if the qualified expenditures to preserve or rehabilitate a historic property exceed two million dollars ($2,000,000). The amount of the fee is two and five-tenths percent (2.5%) of the amount of qualified expenditures.
(j) A calculation made under IC 6-3.1-16-7(c)(1)(B), IC 6-3.1-16-7(c)(2)(B), or IC 6-3.1-16-7(c)(3)(B) does not apply to the calculation of a fee under this section.
SOURCE: IC 6-3.1-16-6.1; (11)IN1547.1.17. -->
SECTION 17. IC 6-3.1-16-6.1 IS REPEALED [EFFECTIVE JULY
1, 2011].
SOURCE: ; (11)IN1547.1.18. -->
SECTION 18. [EFFECTIVE JANUARY 1, 2012] (a) IC 6-3.1-16-7,
IC 6-3.1-16-8, and IC 6-3.1-16-11, all as amended by this act, apply
to taxable years beginning after December 31, 2011.
(b) This SECTION expires January 1, 2014.
(b) This SECTION expires January 1, 2014.
