Shareholder or partner entitled to credit
Sec. 16. If a pass through entity does not have state tax liability
against which the tax credit may be applied, a shareholder or partner
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 or partner is entitled.
As added by P.L.224-2003, SEC.197. Amended by P.L.4-2005,
SEC.107; P.L.199-2005, SEC.22.
Last modified: May 28, 2006