Division of credit; carryover of excess credit
Sec. 9. (a) The total value of a tax credit under this chapter shall
be divided equally over seven (7) years, beginning with the year in
which the credit is granted. If the amount of credit provided under
this chapter for a taxpayer in a taxable year exceeds the taxpayer's
state tax liability for that taxable year, the taxpayer may carry the
excess over to not more than three (3) subsequent 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.291-2001, SEC.177.
Last modified: May 28, 2006