Effective 1-1-2024.

1. (b) The amount of the credit is equal to:

   1. (1) twenty-five percent (25%) of the qualified rehabilitation expenditures that the qualified taxpayer makes for the restoration and preservation of a qualified historic structure; or

   2. (2) thirty percent (30%) of the qualified rehabilitation expenditures that the qualified taxpayer makes for the restoration and preservation of a qualified historic structure that is:

      1. (A) owned by a taxpayer that is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code; or
      2. (B) not income producing.
2. (c) If the Indiana economic development corporation awards credits under this chapter, the department of state revenue and the office of community and rural affairs shall administer the allowance of the credits.

Sec. 7. (a) Subject to IC 5-28-6-9 , the Indiana economic development corporation may award a credit to a qualified taxpayer against the qualified taxpayer's state tax liability in the taxable year in which the qualified taxpayer completes restoration and preservation of a qualified historic structure if the total amount of qualified rehabilitation expenditures incurred by the qualified taxpayer equals five thousand dollars ($5,000) or more.

As added by P.L.236-2023, SEC.67.