Aggregate monetary limitation on credits
Sec. 9. (a) The amount of tax credits allowed under this chapter
may not exceed one million dollars ($1,000,000) in a state fiscal
year.
(b) The department shall record the time of filing of each
application for allowance of a credit under section 8 of this chapter
and shall approve the applications, if they otherwise qualify for a tax
credit under this chapter, in the chronological order in which the
applications are filed in the state fiscal year.
(c) When the total credits approved under this section equal the
maximum amount allowable in a state fiscal year, no application
thereafter filed for that same fiscal year shall be approved. However,
if an applicant for whom a credit has been approved fails to file the
statement of proof of payment required under section 8 of this
chapter, an amount equal to the credit previously allowed or set aside
for the applicant may be allowed to any subsequent applicant in the
year. In addition, the department may, if the applicant so requests,
approve a credit application, in whole or in part, with respect to the
next succeeding state fiscal year.
As added by P.L.19-1994, SEC.10.
Last modified: May 28, 2006