1. (a) Each state fiscal year, a neighborhood organization that engages in the activities of providing:

   1. (1) neighborhood assistance, job training, or education for individuals not employed by the business firm or person;
   2. (2) community services or crime prevention in an economically disadvantaged area; or

   3. (3) community services, education, or job training services to individuals who are ex-offenders who have completed the individuals' criminal sentences or are serving a term of probation or parole;

      may apply to the authority for an allocation of state tax credits available under this chapter to be used to provide a tax credit to a business firm or person that contributes to a program involving one (1) or more of the activities described in subdivisions (1) through (3).

2. (b) The authority, after consultation with the commissioner of revenue, may adopt rules for the approval or disapproval of these applications.
3. (c) A business firm or a person that contributes to the fund of a neighborhood organization that has been approved by the authority for an allocation of tax credits as described in subsection (a) shall receive a tax credit as provided in section 3 of this chapter if the neighborhood organization has agreed to issue a portion of the tax credits allocated to the neighborhood organization by the authority to the business firm or person.

As added by P.L.51-1984, SEC.1. Amended by P.L.4-2005, SEC.54; P.L.235-2005, SEC.96; P.L.1-2006, SEC.141; P.L.181-2006, SEC.45; P.L.1-2007, SEC.55; P.L.166-2014, SEC.12; P.L.124-2024, SEC.15.