Pass through entities entitled to credit; use by shareholder,
partner, or member
Sec. 26. (a) If a pass through entity is entitled to a credit under
this chapter but does not have state tax liability against which the
credit may be applied, an individual who is a shareholder, partner, or
member of the pass through entity is entitled to a credit equal to:
(1) the credit determined for the pass through entity for the
taxable year; multiplied by
(2) the percentage of the pass through entity's distributable
income to which the individual is entitled.
(b) The credit provided under subsection (a) is in addition to a tax
credit to which a shareholder, partner, or member of a pass through
entity is in addition to a tax credit to which a shareholder, partner, or
member of a pass through entity is otherwise entitled under this
chapter. However, a pass through entity and an individual who is a
shareholder, partner, or member of the pass through entity may not
claim more than one (1) credit for the same investment.
As added by P.L.125-1998, SEC.2.
Last modified: May 28, 2006