Credit carryover and carryback
Sec. 11. (a) If the amount determined under section 6 of this
chapter in a taxable year exceeds the taxpayer's state tax liability for
that taxable year, the taxpayer may carry the excess:
(1) over for not more than the immediately following five (5)
taxable years; or
(2) back to the immediately preceding taxable year.
(b) The amount of excess available to be used for carryover under
subsection (a)(1) is reduced to the extent it is used for:
(1) a carryover under subsection (a)(1); or
(2) a carryback under subsection (a)(2).
As added by P.L.109-2001, SEC.1. Amended by P.L.245-2003,
SEC.30.
Last modified: May 28, 2006