If a taxpayer:

1. (1) has an ownership interest in a physician owned medical practice described in section 5(2) of this chapter that:

   1. (A) is established as a legal entity under Indiana law after December 31, 2023;
   2. (B) opens and begins to provide health care services to patients in a particular calendar year beginning after December 31, 2023; and
   3. (C) has billed for health care services for at least six (6) months of a calendar year;

2. (2) has an ownership interest in the income of the physician owned medical practice that is at least:

   1. (A) for a physician owned medical practice with not more than ten (10) owners, five percent (5%) of the physician owned medical practice's income; and
   2. (B) for a physician owned medical practice with more than ten
   3. (10) owners, fifty percent (50%) of the physician owned medical practice's income divided by the number of physicians who own an interest in the physician owned medical practice; and

3. (3) provided health care services in the physician owned medical practice for at least six (6) months of a calendar year;

   the taxpayer may, subject to sections 7 and 9.5 of this chapter, claim a credit against the taxpayer's state income tax liability. Subject to sections 8 and 11 of this chapter, the amount of the credit allowed under this chapter for a taxpayer in the particular calendar year is twenty thousand dollars ($20,000).

As added by P.L.203-2023, SEC.3. Amended by P.L.230-2025, SEC.74.