Version a
Carryover; unused tax credit
Note: This version of section effective until 1-1-2006. See also
following version of this section, effective 1-1-2006.
Sec. 12. If the amount of the credit determined under section 10
of this chapter for a taxpayer in a taxable year exceeds the taxpayer's
state tax liability for that taxable year, the taxpayer may carry the
excess over to the taxpayer's following taxable years. The amount of
the credit carryover from a taxable year shall be reduced to the extent
that the carryover is used by the taxpayer to obtain a credit under this
chapter for any subsequent taxable year. A taxpayer is not entitled to
a carryback or a refund of any unused credit amount.
As added by P.L.192-2002(ss), SEC.119. Amended by P.L.214-2003,
SEC.5.
Last modified: May 28, 2006