Credit exceeding tax liability
Sec. 14. (a) If the credit provided by this chapter exceeds a
taxpayer's state tax liability for the taxable year for which the credit
is first claimed, the excess may be carried over to succeeding taxable
years and used as a credit against the tax otherwise due and payable
by the taxpayer under IC 6-3 during those taxable years. Each time
that the credit is carried over to a succeeding taxable year, the credit
is to be reduced by the amount that was used as a credit during the
immediately preceding taxable year. The credit provided by this
chapter may be carried forward and applied to succeeding taxable
years for fifteen (15) taxable years following the unused credit year.
(b) A credit earned by a taxpayer in a particular taxable year shall
be applied against the taxpayer's tax liability for that taxable year
before any credit carryover is applied against that liability under
subsection (a).
(c) A taxpayer is not entitled to any carryback or refund of any
unused credit.
As added by P.L.129-2001, SEC.7.
Last modified: May 28, 2006