Pass through entities entitled to credit
Sec. 14. (a) If a pass through entity is entitled to a credit under
this chapter but does not have state tax liability against which the tax
credit may be applied, a shareholder, a partner, or a member of the
pass through entity is entitled to a tax credit equal to:
(1) the tax credit determined for the pass through entity for the
taxable year; multiplied by
(2) the percentage of the pass through entity's distributive
income to which the shareholder, partner, or member is entitled.
(b) The credit provided under subsection (a) is in addition to a tax
credit to which a shareholder, partner, or member of a pass through
entity is otherwise entitled under this chapter. However, a pass
through entity and a shareholder, partner, or member of the pass
through entity may not claim more than one (1) credit for the same
qualified expenditure.
As added by P.L.109-2001, SEC.1.
Last modified: May 28, 2006