Application of credit against taxes owed; order; computation
Sec. 22. (a) A credit to which a taxpayer is entitled under this
chapter shall be applied against taxes owed by the taxpayer in the
following order:
(1) Against the taxpayer's adjusted gross income tax liability
(IC 6-3-1 through IC 6-3-7) for the taxable year.
(2) Against the taxpayer's insurance premiums tax liability (IC
27-1-18-2) for the taxable year.
(3) Against the taxpayer's financial institutions tax (IC 6-5.5)
for the taxable year.
(b) Whenever the tax paid by the taxpayer under any of the tax
provisions listed in subsection (a) is a credit against the liability or
a deduction in determining the tax base under another Indiana tax
provision, the credit or deduction shall be computed without regard
to the credit to which a taxpayer is entitled under this chapter.
As added by P.L.379-1987(ss), SEC.11. Amended by P.L.80-1989,
SEC.11; P.L.347-1989(ss), SEC.17; P.L.1-1990, SEC.79;
P.L.192-2002(ss), SEC.102; P.L.1-2003, SEC.37.
Last modified: May 28, 2006