Credit for shareholder or partner of pass through entity
Sec. 8. (a) If a pass through entity does not have state income tax
liability against which the tax credit provided by this chapter may be
applied, a shareholder or partner of the pass through entity is entitled
to a tax credit equal to:
(1) the tax credit determined for the pass through entity for the
taxable year; multiplied by
(2) the percentage of the pass through entity's distributive
income to which the shareholder or partner is entitled.
(b) The credit provided under subsection (a) is in addition to a tax
credit to which a shareholder or partner of a pass through entity is
otherwise entitled under this chapter.
As added by P.L.291-2001, SEC.177.
Last modified: May 28, 2006