Indiana 2023 Regular Session

Indiana House Bill HB1533 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	Introduced Version
3	3	HOUSE BILL No. 1533
4	4	_____
5	5	DIGEST OF INTRODUCED BILL
6	6	Citations Affected: IC 6-3; IC 6-3.1-35.6.
7	7	Synopsis: Individual tax deductions and credits. Increases the amount
8	8	from $1,000 to $1,500 per dependent child for purposes of the
9	9	unreimbursed education expenditure tax deduction. Repeals the
10	10	provision providing a tax credit for contributions to an ABLE account
11	11	and replaces it with a provision with retroactive language that increases
12	12	the credit to: (1) $750 for an individual filing a single return; and (2)
13	13	$1,500 for a married couple filing a joint return. Provides a tax credit
14	14	for contributions made to a public school foundation in an amount that
15	15	may not exceed: (1) $750 for an individual filing a single return; and
16	16	(2) $1,500 for a married couple filing a joint return. Provides that any
17	17	combination of credits claimed under the ABLE account credit and the
18	18	public school foundation credit may not exceed: (1) $750 for an
19	19	individual filing a single return; and (2) $1,500 for a married couple
20	20	filing a joint return.
21	21	Effective: January 1, 2023 (retroactive); January 1, 2024.
22	22	Cherry, Olthoff
23	23	January 19, 2023, read first time and referred to Committee on Ways and Means.
24	24	2023 IN 1533—LS 6886/DI 134 Introduced
25	25	First Regular Session of the 123rd General Assembly (2023)
26	26	PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
27	27	Constitution) is being amended, the text of the existing provision will appear in this style type,
28	28	additions will appear in this style type, and deletions will appear in this style type.
29	29	Additions: Whenever a new statutory provision is being enacted (or a new constitutional
30	30	provision adopted), the text of the new provision will appear in this style type. Also, the
31	31	word NEW will appear in that style type in the introductory clause of each SECTION that adds
32	32	a new provision to the Indiana Code or the Indiana Constitution.
33	33	Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
34	34	between statutes enacted by the 2022 Regular Session of the General Assembly.
35	35	HOUSE BILL No. 1533
36	36	A BILL FOR AN ACT to amend the Indiana Code concerning
37	37	taxation.
38	38	Be it enacted by the General Assembly of the State of Indiana:
39	39	1 SECTION 1. IC 6-3-2-22, AS AMENDED BY P.L.92-2020,
40	40	2 SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
41	41	3 JANUARY 1, 2024]: Sec. 22. (a) The following definitions apply
42	42	4 throughout this section:
43	43	5 (1) "Dependent child" means an individual who:
44	44	6 (A) is eligible to receive a free elementary or high school
45	45	7 education in an Indiana school corporation;
46	46	8 (B) qualifies as a dependent (as defined in Section 152 of the
47	47	9 Internal Revenue Code) of the taxpayer; and
48	48	10 (C) is the natural or adopted child of the taxpayer or, if custody
49	49	11 of the child has been awarded in a court proceeding to
50	50	12 someone other than the mother or father, the court appointed
51	51	13 guardian or custodian of the child.
52	52	14 If the parents of a child are divorced, the term refers to the parent
53	53	15 who is eligible to take the exemption for the child under Section
54	54	16 151 of the Internal Revenue Code.
55	55	17 (2) "Education expenditure" refers to any expenditures made in
56	56	2023 IN 1533—LS 6886/DI 134 2
57	57	1 connection with enrollment, attendance, or participation of the
58	58	2 taxpayer's dependent child in a private elementary or high school
59	59	3 education program. The term includes tuition, fees, computer
60	60	4 software, textbooks, workbooks, curricula, school supplies (other
61	61	5 than personal computers), and other written materials used
62	62	6 primarily for academic instruction or for academic tutoring, or
63	63	7 both.
64	64	8 (3) "Private elementary or high school education program" means
65	65	9 attendance at:
66	66	10 (A) a nonpublic school (as defined in IC 20-18-2-12); or
67	67	11 (B) a state accredited nonpublic school (as defined in
68	68	12 IC 20-18-2-18.7);
69	69	13 in Indiana that satisfies a child's obligation under IC 20-33-2 for
70	70	14 compulsory attendance at a school. The term does not include the
71	71	15 delivery of instructional service in a home setting to a dependent
72	72	16 child who is enrolled in a school corporation or a charter school.
73	73	17 (b) This section applies to taxable years beginning after December
74	74	18 31, 2010.
75	75	19 (c) A taxpayer who makes an unreimbursed education expenditure
76	76	20 during the taxpayer's taxable year is entitled to a deduction against the
77	77	21 taxpayer's adjusted gross income in the taxable year.
78	78	22 (d) The amount of the deduction is:
79	79	23 (1) one thousand dollars ($1,000); one thousand five hundred
80	80	24 dollars ($1,500); multiplied by
81	81	25 (2) the number of the taxpayer's dependent children for whom the
82	82	26 taxpayer made education expenditures in the taxable year.
83	83	27 A husband and wife are entitled to only one (1) deduction under this
84	84	28 section.
85	85	29 (e) To receive the deduction provided by this section, a taxpayer
86	86	30 must claim the deduction on the taxpayer's annual state tax return or
87	87	31 returns in the manner prescribed by the department.
88	88	32 SECTION 2. IC 6-3-3-12.1 IS REPEALED [EFFECTIVE
89	89	33 JANUARY 1, 2023 (RETROACTIVE)]. Sec. 12.1. (a) As used in this
90	90	34 section, "ABLE account" has the meaning set forth in IC 12-11-14-1.
91	91	35 (b) As used in this section, "contribution" means the amount of
92	92	36 money directly provided to an Indiana ABLE 529A savings plan
93	93	37 account by a taxpayer. A contribution does not include any of the
94	94	38 following:
95	95	39 (1) Money credited to an ABLE account as a result of bonus
96	96	40 points or other forms of consideration earned by the taxpayer that
97	97	41 result in a transfer of money to the ABLE account.
98	98	42 (2) Money transferred from any qualified ABLE program under
99	99	2023 IN 1533—LS 6886/DI 134 3
100	100	1 Section 529A of the Internal Revenue Code or from any other
101	101	2 similar plan.
102	102	3 (3) Money transferred from any qualified tuition program under
103	103	4 Section 529 of the Internal Revenue Code or from any other
104	104	5 similar plan.
105	105	6 (c) As used in this section, "designated beneficiary" has the meaning
106	106	7 set forth in IC 12-11-14-5.
107	107	8 (d) As used in this section, "Indiana ABLE 529A savings plan"
108	108	9 refers to the Achieving a Better Life Experience (ABLE) 529A plan
109	109	10 established under IC 12-11.
110	110	11 (e) As used in this section, "nonqualified withdrawal" means a
111	111	12 withdrawal or distribution from an Indiana ABLE 529A savings plan
112	112	13 that is not a qualified withdrawal.
113	113	14 (f) As used in this section, "qualified disability expense" has the
114	114	15 meaning set forth in IC 12-11-14-8.
115	115	16 (g) As used in this section, "qualified withdrawal" means a
116	116	17 withdrawal or distribution from an Indiana ABLE 529A savings plan
117	117	18 that is made:
118	118	19 (1) to pay for qualified disability expenses, excluding any
119	119	20 withdrawals or distributions used to pay for qualified disability
120	120	21 expenses, if the withdrawals or distributions are made from an
121	121	22 Indiana ABLE 529A savings plan that is terminated within twelve
122	122	23 (12) months after the ABLE account is opened;
123	123	24 (2) as a result of the death of a designated beneficiary; or
124	124	25 (3) by an Indiana ABLE 529A savings plan as the result of a
125	125	26 transfer of funds by an Indiana ABLE 529A savings plan from
126	126	27 one (1) third party custodian to another.
127	127	28 A qualified withdrawal does not include a rollover distribution or
128	128	29 transfer of assets from an Indiana ABLE 529A savings plan to any
129	129	30 other qualified ABLE program under Section 529A of the Internal
130	130	31 Revenue Code, or to any qualified tuition program under Section 529
131	131	32 of the Internal Revenue Code other than a college choice 529 saving
132	132	33 plan established under IC 21-9, or to any other similar plan.
133	133	34 (h) As used in this section, "taxpayer" means:
134	134	35 (1) an individual filing a single return;
135	135	36 (2) a married couple filing a joint return; or
136	136	37 (3) a married individual filing a separate return.
137	137	38 (i) A taxpayer is entitled to a credit against the taxpayer's adjusted
138	138	39 gross income tax imposed by IC 6-3-1 through IC 6-3-7 for a taxable
139	139	40 year equal to the least of the following:
140	140	41 (1) Twenty percent (20%) of the amount of the total contributions
141	141	42 made by the taxpayer to an ABLE account or accounts of an
142	142	2023 IN 1533—LS 6886/DI 134 4
143	143	1 Indiana ABLE 529A savings plan during the taxable year.
144	144	2 (2) Five hundred dollars ($500).
145	145	3 (3) The amount of the taxpayer's adjusted gross income tax
146	146	4 imposed by IC 6-3-1 through IC 6-3-7 for the taxable year,
147	147	5 reduced by the sum of all credits (as determined without regard to
148	148	6 this section) allowed by IC 6-3-1 through IC 6-3-7.
149	149	7 (j) A taxpayer is not entitled to a carryback, carryover, or refund of
150	150	8 an unused credit.
151	151	9 (k) A taxpayer may not sell, assign, convey, or otherwise transfer the
152	152	10 tax credit provided by this section.
153	153	11 (l) To receive the credit provided by this section, a taxpayer must
154	154	12 claim the credit on the taxpayer's annual state tax return or returns in
155	155	13 the manner prescribed by the department. The taxpayer shall submit to
156	156	14 the department all information that the department determines is
157	157	15 necessary for the calculation of the credit provided by this section.
158	158	16 (m) An owner of an ABLE account of an Indiana ABLE 529A
159	159	17 savings plan must repay all or a part of the credit in a taxable year in
160	160	18 which any nonqualified withdrawal is made from the ABLE account.
161	161	19 The amount the taxpayer must repay is equal to the lesser of:
162	162	20 (1) twenty percent (20%) of the total amount of nonqualified
163	163	21 withdrawals made during the taxable year from the ABLE
164	164	22 account; or
165	165	23 (2) the excess of:
166	166	24 (A) the cumulative amount of all credits provided by this
167	167	25 section that are claimed by any taxpayer with respect to the
168	168	26 taxpayer's contributions to the ABLE account for all prior
169	169	27 taxable years; over
170	170	28 (B) the cumulative amount of repayments paid by the owner of
171	171	29 the ABLE account under this subsection for all prior taxable
172	172	30 years.
173	173	31 (n) Any required repayment under subsection (m) must be reported
174	174	32 by the owner of the ABLE account on the owner's annual state income
175	175	33 tax return for any taxable year in which a nonqualified withdrawal is
176	176	34 made.
177	177	35 (o) A nonresident owner of an ABLE account who is not required
178	178	36 to file an annual income tax return for a taxable year in which a
179	179	37 nonqualified withdrawal is made shall make any required repayment on
180	180	38 the form required under IC 6-3-4-1(2). If the nonresident owner of the
181	181	39 ABLE account does not make the required repayment, the department
182	182	40 shall issue a demand notice in accordance with IC 6-8.1-5-1.
183	183	41 (p) The executive director of the Indiana ABLE authority shall
184	184	42 submit or cause to be submitted to the department a copy of all
185	185	2023 IN 1533—LS 6886/DI 134 5
186	186	1 information returns or statements issued to ABLE account owners,
187	187	2 designated beneficiaries, and other taxpayers for each taxable year with
188	188	3 respect to:
189	189	4 (1) nonqualified withdrawals made from ABLE accounts for the
190	190	5 taxable year; or
191	191	6 (2) ABLE account closings for the taxable year.
192	192	7 SECTION 3. IC 6-3-3-12.2 IS ADDED TO THE INDIANA CODE
193	193	8 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
194	194	9 JANUARY 1, 2023 (RETROACTIVE)]: Sec. 12.2. (a) As used in this
195	195	10 section, "ABLE account" has the meaning set forth in
196	196	11 IC 12-11-14-1.
197	197	12 (b) As used in this section, "contribution" means the amount of
198	198	13 money directly provided to an Indiana ABLE 529A savings plan
199	199	14 account by a taxpayer. A contribution does not include any of the
200	200	15 following:
201	201	16 (1) Money credited to an ABLE account as a result of bonus
202	202	17 points or other forms of consideration earned by the taxpayer
203	203	18 that result in a transfer of money to the ABLE account.
204	204	19 (2) Money transferred from any qualified ABLE program
205	205	20 under Section 529A of the Internal Revenue Code or from any
206	206	21 other similar plan.
207	207	22 (3) Money transferred from any qualified tuition program
208	208	23 under Section 529 of the Internal Revenue Code or from any
209	209	24 other similar plan.
210	210	25 (c) As used in this section, "designated beneficiary" has the
211	211	26 meaning set forth in IC 12-11-14-5.
212	212	27 (d) As used in this section, "Indiana ABLE 529A savings plan"
213	213	28 refers to the achieving a better life experience (ABLE) 529A plan
214	214	29 established under IC 12-11.
215	215	30 (e) As used in this section, "nonqualified withdrawal" means a
216	216	31 withdrawal or distribution from an Indiana ABLE 529A savings
217	217	32 plan that is not a qualified withdrawal.
218	218	33 (f) As used in this section, "qualified disability expense" has the
219	219	34 meaning set forth in IC 12-11-14-8.
220	220	35 (g) As used in this section, "qualified withdrawal" means a
221	221	36 withdrawal or distribution from an Indiana ABLE 529A savings
222	222	37 plan that is made:
223	223	38 (1) to pay for qualified disability expenses, excluding any
224	224	39 withdrawals or distributions used to pay for qualified
225	225	40 disability expenses, if the withdrawals or distributions are
226	226	41 made from an Indiana ABLE 529A savings plan that is
227	227	42 terminated within twelve (12) months after the ABLE account
228	228	2023 IN 1533—LS 6886/DI 134 6
229	229	1 is opened;
230	230	2 (2) as a result of the death of a designated beneficiary; or
231	231	3 (3) by an Indiana ABLE 529A savings plan as the result of a
232	232	4 transfer of funds by an Indiana ABLE 529A savings plan
233	233	5 from one (1) third party custodian to another.
234	234	6 A qualified withdrawal does not include a rollover distribution or
235	235	7 transfer of assets from an Indiana ABLE 529A savings plan to any
236	236	8 other qualified ABLE program under Section 529A of the Internal
237	237	9 Revenue Code, or to any qualified tuition program under Section
238	238	10 529 of the Internal Revenue Code other than a college choice 529
239	239	11 education savings plan established under IC 21-9, or to any other
240	240	12 similar plan.
241	241	13 (h) As used in this section, "taxpayer" means:
242	242	14 (1) an individual filing a single return;
243	243	15 (2) a married couple filing a joint return; or
244	244	16 (3) a married individual filing a separate return.
245	245	17 (i) A taxpayer is entitled to a credit against the taxpayer's
246	246	18 adjusted gross income tax imposed by IC 6-3-1 through IC 6-3-7
247	247	19 for a taxable year equal to the least of the following:
248	248	20 (1) Twenty percent (20%) of the amount of the total
249	249	21 contributions made by the taxpayer to an ABLE account or
250	250	22 accounts of an Indiana ABLE 529A savings plan during the
251	251	23 taxable year.
252	252	24 (2) Seven hundred fifty dollars ($750) for an individual filing
253	253	25 a single return.
254	254	26 (3) One thousand five hundred dollars ($1,500) for a married
255	255	27 couple filing a joint return.
256	256	28 (4) The amount of the taxpayer's adjusted gross income tax
257	257	29 imposed by IC 6-3-1 through IC 6-3-7 for the taxable year,
258	258	30 reduced by the sum of all credits (as determined without
259	259	31 regard to this section) allowed by IC 6-3-1 through IC 6-3-7.
260	260	32 (j) Notwithstanding subsection (i), the amount claimed as a
261	261	33 credit under this section, combined with any credit claimed under
262	262	34 IC 6-3.1-35.6, may not exceed:
263	263	35 (1) seven hundred fifty dollars ($750) in the case of an
264	264	36 individual filing a single return; or
265	265	37 (2) one thousand five hundred dollars ($1,500) in the case of
266	266	38 a married couple filing a joint return.
267	267	39 (k) A taxpayer is not entitled to a carryback, carryover, or
268	268	40 refund of an unused credit.
269	269	41 (l) A taxpayer may not sell, assign, convey, or otherwise transfer
270	270	42 the tax credit provided by this section.
271	271	2023 IN 1533—LS 6886/DI 134 7
272	272	1 (m) To receive the credit provided by this section, a taxpayer
273	273	2 must claim the credit on the taxpayer's annual state tax return or
274	274	3 returns in the manner prescribed by the department. The taxpayer
275	275	4 shall submit to the department all information that the department
276	276	5 determines is necessary for the calculation of the credit provided
277	277	6 by this section.
278	278	7 (n) An owner of an ABLE account of an Indiana ABLE 529A
279	279	8 savings plan must repay all or a part of the credit in a taxable year
280	280	9 in which any nonqualified withdrawal is made from the ABLE
281	281	10 account. The amount the taxpayer must repay is equal to the lesser
282	282	11 of:
283	283	12 (1) twenty percent (20%) of the total amount of nonqualified
284	284	13 withdrawals made during the taxable year from the ABLE
285	285	14 account; or
286	286	15 (2) the excess of:
287	287	16 (A) the cumulative amount of all credits provided by this
288	288	17 section that are claimed by any taxpayer with respect to
289	289	18 the taxpayer's contributions to the ABLE account for all
290	290	19 prior taxable years; over
291	291	20 (B) the cumulative amount of repayments paid by the
292	292	21 owner of the ABLE account under this subsection for all
293	293	22 prior taxable years.
294	294	23 (o) Any required repayment under subsection (n) must be
295	295	24 reported by the owner of the ABLE account on the owner's annual
296	296	25 state income tax return for any taxable year in which a
297	297	26 nonqualified withdrawal is made.
298	298	27 (p) A nonresident owner of an ABLE account who is not
299	299	28 required to file an annual income tax return for a taxable year in
300	300	29 which a nonqualified withdrawal is made shall make any required
301	301	30 repayment on the form required under IC 6-3-4-1(2). If the
302	302	31 nonresident owner of the ABLE account does not make the
303	303	32 required repayment, the department shall issue a demand notice in
304	304	33 accordance with IC 6-8.1-5-1.
305	305	34 (q) The executive director of the Indiana ABLE authority shall
306	306	35 submit or cause to be submitted to the department a copy of all
307	307	36 information returns or statements issued to ABLE account owners,
308	308	37 designated beneficiaries, and other taxpayers for each taxable year
309	309	38 with respect to:
310	310	39 (1) nonqualified withdrawals made from ABLE accounts for
311	311	40 the taxable year; or
312	312	41 (2) ABLE account closings for the taxable year.
313	313	42 SECTION 4. IC 6-3.1-35.6 IS ADDED TO THE INDIANA CODE
314	314	2023 IN 1533—LS 6886/DI 134 8
315	315	1 AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE
316	316	2 JANUARY 1, 2024]:
317	317	3 Chapter 35.6. Public School Foundation Contribution Tax
318	318	4 Credit
319	319	5 Sec. 1. This chapter applies only to taxable years beginning after
320	320	6 December 31, 2023.
321	321	7 Sec. 2. As used in this chapter, "credit" refers to a credit
322	322	8 granted under this chapter.
323	323	9 Sec. 3. As used in this chapter, "pass through entity" has the
324	324	10 meaning set forth in IC 6-3-1-35.
325	325	11 Sec. 4. As used in this chapter, "public elementary school or
326	326	12 public secondary school" means any Indiana public school or
327	327	13 school corporation, including a charter school (as defined in
328	328	14 IC 20-24-1-4), that offers any combination of grades from
329	329	15 kindergarten through grade 12.
330	330	16 Sec. 5. As used in this chapter, "public school foundation"
331	331	17 means a nonprofit organization that is:
332	332	18 (1) exempt from federal income taxation under Section
333	333	19 501(c)(3) of the Internal Revenue Code; and
334	334	20 (2) organized and operated solely for the benefit of an Indiana
335	335	21 public elementary school or public secondary school.
336	336	22 The term includes a public school foundation established under
337	337	23 IC 20-26-5-22.5.
338	338	24 Sec. 6. As used in this chapter, "state tax liability" means a
339	339	25 taxpayer's total tax liability that is incurred under:
340	340	26 (1) IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax);
341	341	27 (2) IC 6-5.5 (the financial institutions tax); and
342	342	28 (3) IC 27-1-18-2 (the insurance premiums tax);
343	343	29 as computed after the application of the credits that under
344	344	30 IC 6-3.1-1-2 are to be applied before the credit provided by this
345	345	31 chapter.
346	346	32 Sec. 7. As used in this chapter, "taxpayer" means an individual
347	347	33 or entity that has any state tax liability.
348	348	34 Sec. 8. (a) At the election of the taxpayer, a credit is allowed
349	349	35 against the taxpayer's state tax liability for the taxable year in
350	350	36 which the taxpayer makes a contribution to a public school
351	351	37 foundation. Subject to the limitations provided by this chapter, the
352	352	38 amount of the credit for a taxable year is equal the total amount of
353	353	39 the contributions made by the taxpayer.
354	354	40 (b) The amount allowable as a credit under this section for any
355	355	41 taxable year may not exceed:
356	356	42 (1) seven hundred fifty dollars ($750) in the case of an
357	357	2023 IN 1533—LS 6886/DI 134 9
358	358	1 individual filing a single return; or
359	359	2 (2) one thousand five hundred dollars ($1,500) in the case of
360	360	3 a married couple filing a joint return.
361	361	4 (c) Notwithstanding subsection (b), the amount claimed as a
362	362	5 credit under this chapter, combined with any credit claimed under
363	363	6 IC 6-3-3-12.2, may not exceed:
364	364	7 (1) seven hundred fifty dollars ($750) in the case of an
365	365	8 individual filing a single return; or
366	366	9 (2) one thousand five hundred dollars ($1,500) in the case of
367	367	10 a married couple filing a joint return.
368	368	11 Sec. 9. (a) A public school foundation receiving a contribution
369	369	12 that will be used as the basis for a tax credit under this chapter
370	370	13 must provide to the department by August 1 of each year the
371	371	14 following information regarding the public school foundation's use
372	372	15 of the contributions received under this chapter:
373	373	16 (1) The name of the public school foundation.
374	374	17 (2) The total number and total dollar amount of contributions
375	375	18 received during the previous school year.
376	376	19 (3) A description of each use or purpose for which the
377	377	20 contributions were spent.
378	378	21 (4) A copy of the public school foundation's annual financial
379	379	22 audit.
380	380	23 In addition, the public school foundation shall make the annual
381	381	24 financial audit available to a member of the public upon request.
382	382	25 The information provided under this subsection is a public record.
383	383	26 (b) The report must be certified under penalties of perjury by
384	384	27 the chief executive officer of the public school foundation.
385	385	28 Sec. 10. (a) Subject to section 11 of this chapter, if the credit
386	386	29 provided by this chapter exceeds the taxpayer's state tax liability
387	387	30 for the taxable year for which the credit is first claimed, the excess
388	388	31 may be carried forward to succeeding taxable years and used as a
389	389	32 credit against the taxpayer's state tax liability during those taxable
390	390	33 years. Each time the credit is carried forward to a succeeding
391	391	34 taxable year, the credit is reduced by the amount that was used as
392	392	35 a credit during the immediately preceding taxable year.
393	393	36 (b) A taxpayer is not entitled to a carryback or refund of any
394	394	37 unused credit.
395	395	38 Sec. 11. If a pass through entity is entitled to a credit under this
396	396	39 chapter but does not have state tax liability against which the tax
397	397	40 credit may be applied, a shareholder, partner, or member of the
398	398	41 pass through entity is entitled to a tax credit equal to:
399	399	42 (1) the tax credit determined for the pass through entity for
400	400	2023 IN 1533—LS 6886/DI 134 10
401	401	1 the taxable year; multiplied by
402	402	2 (2) the percentage of the pass through entity's distributive
403	403	3 income to which the shareholder, partner, or member is
404	404	4 entitled.
405	405	5 Sec. 12. To apply a credit against the taxpayer's state tax
406	406	6 liability, a taxpayer must claim the credit on the taxpayer's annual
407	407	7 state tax return or returns in the manner prescribed by the
408	408	8 department. The taxpayer shall submit to the department the
409	409	9 information that the department determines is necessary for the
410	410	10 department to determine whether the taxpayer is eligible for the
411	411	11 credit.
412	412	12 Sec. 13. The total amount of tax credits awarded under this
413	413	13 chapter may not exceed five million dollars ($5,000,000) each state
414	414	14 fiscal year.
415	415	15 Sec. 14. The department, on a website used by the department
416	416	16 to provide information to the public, shall provide the following
417	417	17 information:
418	418	18 (1) The form the department prescribes for claiming the
419	419	19 credit provided by this chapter.
420	420	20 (2) A timeline for receiving the credit provided by this
421	421	21 chapter.
422	422	22 (3) The total amount of credits awarded under this chapter
423	423	23 during the current state fiscal year.
424	424	24 SECTION 5. [EFFECTIVE JANUARY 1, 2024] (a) IC 6-3-2-22,
425	425	25 as amended by this act, applies to taxable years beginning after
426	426	26 December 31, 2023.
427	427	27 (b) This SECTION expires July 1, 2026.
428	428	28 SECTION 6. [EFFECTIVE JANUARY 1, 2023 (RETROACTIVE)]
429	429	29 (a) IC 6-3-3-12.2, as added by this act, applies to taxable years
430	430	30 beginning after December 31, 2022.
431	431	31 (b) This SECTION expires July 1, 2026.
432	432	32 SECTION 7. An emergency is declared for this act.
433	433	2023 IN 1533—LS 6886/DI 134