Indiana Administrative Code
Title 45 - DEPARTMENT OF STATE REVENUE
Article 3.1 - ADJUSTED GROSS INCOME TAX
Rule 1 - State Adjusted Gross Income Tax
Section 1-88 - Claim for neighborhood assistance credit

Authority: IC 6-8.1-3-3

Affected: IC 6-3.1-9

Sec. 88.

Procedure for Claiming Neighborhood Assistance Credit. Any business, firm, or individual that desires to claim the Neighborhood Assistance Credit must first apply to the Indiana Department of Commerce, requesting approval of the program. Such application should set forth the program to be conducted, the disadvantaged area(s) selected, the amount to be invested, and the plans for implementing the program.

After receiving approval of the program the applicant must then file Form NC-10, Neighborhood Assistance Credit Application, with the Indiana Department of Revenue. Form NC-10 is used to determine the tentative credit amount to be claimed, and must contain the Certificate of Approval from the Department of Commerce.

The Department of Revenue will then make a determination on the credit application and return to the taxpayer Form NC-20, Notice of Department Decision on Neighborhood Assistance Credit Application, which will set forth the approved credit amount, if any, to be claimed by the taxpayer. If the application is disapproved, a reason for the disapproval will be on Form NC-20.

On approved applications, Form NC-30, Statement of Payment for Neighborhood Assistance Credit, must be filed with the Department of Revenue within thirty (30) days after the taxpayer's receipt of Form NC-20. This form must be accompanied by the taxpayer's proof of payment substantiating that payment has been made on an approved program.

A final statement, Form NC-40, Tax Return Attachment to Support Neighborhood Assistance Credit Claimed, must then be attached to the Indiana Income Tax Return filed by the taxpayer, in order to provide a reference to the claimant's file.