Indiana Code - Taxation - Title 6, Section 6-3.1-4-3-a

Version a

Unused credits carried forward

Note: This version of section effective until 1-1-2006. See also
following version of this section, effective 1-1-2006.

Sec. 3. (a) The amount of the credit provided by this chapter that
a taxpayer uses during a particular taxable year may not exceed the
sum of the taxes imposed by IC 6-3 for the taxable year after the
application of all credits that under IC 6-3.1-1-2 are to be applied
before the credit provided by this chapter. If the credit provided by
this chapter exceeds that sum for the taxable year for which the credit
is first claimed, then the excess may be carried over to succeeding
taxable years and used as a credit against the tax otherwise due and
payable by the taxpayer under IC 6-3 during those taxable years.
Each time that the credit is carried over to a succeeding taxable year,
it is to be reduced by the amount which was used as a credit during
the immediately preceding taxable year. The credit provided by this
chapter may be carried forward and applied to succeeding taxable
years for fifteen (15) taxable years following the unused credit year.
(b) A credit earned by a taxpayer in a particular taxable year shall
be applied against the taxpayer's tax liability for that taxable year
before any credit carryover is applied against that liability under
subsection (a).
(c) A taxpayer is not entitled to any carryback or refund of any
unused credit.

As added by P.L.51-1984, SEC.1. Amended by P.L.57-1990, SEC.3;
P.L.192-2002(ss), SEC.88.

Last modified: May 28, 2006