Credit for shareholder, partner, or member of pass through entity
Sec. 6. (a) If a manufacturer that claims a credit under this chapter
is a pass through entity (as defined in IC 6-3.1-11.5-8.5) that does not
have state tax liability for a taxable year against which the credit may
be applied, a shareholder, partner, or member of the pass through
entity is entitled to a credit equal to:
(1) the 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) If the amount determined under subsection (a) exceeds the
state tax liability of the shareholder, partner, or member, the
shareholder, partner, or member may not carry over the excess to
following taxable years.
As added by P.L.215-2003, SEC.2.
Last modified: May 28, 2006