Priority of application of credit against other taxes owed
Sec. 24. (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.125-1998, SEC.2. Amended by P.L.192-2002(ss),
SEC.104.
Last modified: May 28, 2006