Credit carryover; carryback or refund unavailable
Sec. 19. (a) If the amount determined under section 18(b) of this
chapter for a taxable year exceeds the taxpayer's state tax liability for
that taxable year, the taxpayer may carry the excess over to the
immediately 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.125-1998, SEC.2.
Last modified: May 28, 2006