Version a
Carryover of tax credits
Note: This version of section effective until 1-1-2006. See also
following version of this section, effective 1-1-2006.
Sec. 12. (a) If the amount of the credit determined under this
chapter for a taxpayer in a taxable year exceeds the taxpayer's state
tax liability for that taxable year, the taxpayer may carry over the
excess to the following taxable years. The amount of the credit
carryover from a taxable year shall be reduced to the extent that the
carryover is used by the taxpayer to obtain a credit under this chapter
for any subsequent taxable year.
(b) A taxpayer is not entitled to a carryback or refund of any
unused credit.
As added by P.L.224-2003, SEC.199.
Last modified: May 28, 2006