Schedule Lic - Enterprise Zone Loan Interest Tax Credit Page 4
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4Enterprise Zone LIC Instructions, continued
What if I Do Not Use All of My Credit?
Line 3. Enter the total other loan interest income received from
Any unused credit may be carried over to the next eligible tax
nonbusiness loans made for the purposes of rehabilitation,
return to be filed up to 10 years from the date of the loan until
repair, or improvement of a residence or for improvements
all credit has been used or the enterprise zone terminates.
that increase the assessed value of real property located in
any enterprise zone.
Note: A taxpayer is not entitled to a carryback or refund of any
unused credit. The statute does allow the taxpayer to carry
Line 4. Add the amount of business and nonbusiness interest
forward any unused credit.
income and multiply the result by 5%.
What if I Am an Entity Exempt from
Adjusted Gross Income Tax?
Line 5. Indicate the state tax liability you wish to offset by
checking the appropriate tax type box and by entering the
net amount of your state tax liability. Note: The net amount of
Entities exempt from adjusted gross income tax under
tax entered on line 5 must be reduced by all other applicable
IC 6-3-2-2.8(2) may “pass through” the credit to shareholders,
tax liability credits and may not be greater than the amount
partners, beneficiaries, or members of the pass-through entity.
on line 4. Carry the net amount of credit to be used to your
A pass-through entity is an S corporation, a partnership, a trust,
tax type return.
a limited liability company, or a limited liability partnership. Each
member’s tax credit is calculated by multiplying the total credit
Line 6. Subtract line 5 from line 4. The result may not be less
available by the percentage of the entity’s distributive income
than zero. If it's greater than zero, carry the excess unused
to which the shareholder, partner, beneficiary, or member is
amount of credit to Section E.
entitled. The pro rata share of the calculated credit is reported
by the entity on each unit-holder’s Schedule IN K-1. A copy
Section E – Enterprise Zone Loan Interest Carryover
of Schedule LIC or IN K-1 must be enclosed with the return
to claim your share of the credit.
Complete this section whenever there is a carryover of unused
loan interest credit. The amount of credit carryover from a
Whom Do I Contact if I Have Questions
taxable year shall be reduced to the extent that the carryover
About t-he Enterprise Zone Loan Interest Credit?
is used by the taxpayer to obtain credit against allowable state
tax liabilities for any subsequent taxable year. Carryover is
Questions concerning enterprise zone income tax
allowed up to 10 years following the date on which a qualified
provisions should be directed to:
loan credit is claimed but not beyond the phase-out period
that terminates the enterprise zone from which a qualified
Indiana Department of Revenue
loan had originated.
Returns Processing Center
Corporate Income Tax Section
Enter in each column the applicable date or amounts for every
PO Box 7206
succeeding taxable year in which a credit carryover is used.
Indianapolis, IN 46207
(317) 232-0129
Section F – Signature
The taxpayer or an authorized agent must sign this
For questions concerning other provisions related
schedule.
to enterprise zones and current locations within the
designated cities, contact:
Where Can I Claim This Credit?
Indiana Economic Development Corporation
The Loan Interest Credit can be applied as a credit against the
One North Capitol, Suite 700
taxpayer’s adjusted gross income tax (IC 6-3-1 through 6-3-7),
Indianapolis, IN 46204
insurance premium tax (IC 27-1-18-2), and financial institution
(317) 232-8800
tax (IC 6-5.5). A copy of Schedule LIC must be enclosed
with the return; otherwise, the credit will be disallowed. The
credit amount calculated on the LIC is to be taken as a credit
against your tax liability on the return in the order listed above
after first applying other credits allowed under IC 6-3.1-1-2.
Refer to Income Tax Information Bulletin #66 for additional
information. Please see the instructions for your tax return to
determine where the credit should be entered on the various
tax forms.
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