Version b
Carryover; unused tax credit
Note: This version of section effective 1-1-2006. See also
preceding version of this section, effective until 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 credit over for a period not to exceed the taxpayer's following
five (5) 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; P.L.193-2005, SEC.19.
Last modified: May 28, 2006