Bill Text: IN HB1093 | 2010 | Regular Session | Introduced
Bill Title: Historic rehabilitation tax credits.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2010-01-13 - Representative Barnes added as coauthor [HB1093 Detail]
Download: Indiana-2010-HB1093-Introduced.html
Citations Affected: IC 6-3.1-16.
Synopsis: Historic rehabilitation tax credits. Provides that the historic
rehabilitation income tax credit may be assigned. Provides that the
credit may be recaptured from the person who receives the certification
or from an assignee to whom the property is transferred. Repeals and
replaces the current definition of "taxpayer" for purposes of the historic
rehabilitation credit. Provides that the transfer of the property as a
condominium does not cause the credit to be recaptured. (Current law
provides that the credit is recaptured if the property is transferred
within five years of the completion of the rehabilitation or
preservation.) Provides that the adjusted basis of the property is not
reduced by the amount of credit if a person is entitled to a federal low
income housing credit for the historic property.
Effective: Upon passage; July 1, 2010.
January 5, 2010, read first time and referred to Committee on Ways and Means.
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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A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(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) 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) The historic property is:
(A) located in Indiana;
(B) at least fifty (50) years old; and
(C) except as provided in section 7(c) of this chapter, owned by the
(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 ten thousand dollars ($10,000).
(b) The
(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.
(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
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
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.
(1) The date that the department of state revenue or the department of natural resources adopts another temporary rule under this SECTION that repeals, amends, or supersedes the previously adopted temporary rule.
(2) The date that the department of state revenue or the department of natural resources adopts a permanent rule under IC 4-22-2 that repeals, amends, or supersedes the previously adopted temporary rule.
(3) The date specified in the temporary rule.
(4) December 31, 2011.
(b) This SECTION expires December 31, 2012.
