Amount of tax credits allowed
Sec. 10. (a) The amount of tax credits allowed under this chapter
may not exceed two hundred thousand dollars ($200,000) in any state
fiscal year.
(b) The department shall:
(1) record the time of filing of each application for allowance
of a credit required under section 9 of this chapter; and
(2) 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 any state fiscal year, an application
filed after that time for the same fiscal year may not 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 9 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.15-1997, SEC.2. Amended by P.L.289-2001,
SEC.14.
Last modified: May 28, 2006