Application of tax credit to pass through entities; calculation
Sec. 7. If a pass through entity is entitled to a credit under section
6 of this chapter but does not have state tax liability against which
the tax credit may be applied, a shareholder, partner, or member 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, partner, or member is entitled.
As added by P.L.15-1997, SEC.2.
Last modified: May 28, 2006