Carryover of tax credit; no carryback or refund of unused credit
Sec. 5. (a) If the amount determined under section 2 of this
chapter for a taxpayer in a taxable year exceeds the taxpayer's state
tax liability (IC 6-3-1 through IC 6-3-7) for that taxable year, the
taxpayer may carry the excess over to the 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 an
unused credit.
As added by P.L.117-1990, SEC.2.
Last modified: May 28, 2006