Credit carryover
Sec. 3. (a) If the amount determined under section 2(b) of this
chapter for a particular taxpayer and a particular taxable year
exceeds the taxpayer's state tax liability for that taxable year, then the
taxpayer may carry the excess over to the immediately succeeding
taxable years. Except as provided in subsection (b), the credit
carryover may not be used for any taxable year that begins more than
ten (10) years after the date on which the qualified loan from which
the credit results is made. 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) Notwithstanding subsection (a), if a loan is a qualified loan as
the result of the use of the loan proceeds in a particular enterprise
zone, and if the phase-out period of that enterprise zone terminates
in a taxable year that succeeds the last taxable year in which a
taxpayer is entitled to use credit carryover that results from that loan
under subsection (a), then the taxpayer may use the credit carryover
for any taxable year up to and including the taxable year in which the
phase-out period of the enterprise zone terminates.
As added by P.L.51-1984, SEC.1.
Last modified: May 28, 2006