Version b
Carryover of tax credits; assignment
Note: This version of section effective 1-1-2006. See also
preceding version of this section, effective until 1-1-2006.
Sec. 12. (a) If the amount of the credit determined under this
chapter for a taxpayer in a taxable year exceeds the taxpayer's state
tax liability for that taxable year, the taxpayer may carry over the
excess to the 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 credit may not be carried forward
for more than six (6) taxable years following the taxable year in
which the taxpayer was first entitled to claim the credit.
(b) A taxpayer is not entitled to a carryback or refund of any
unused credit. A taxpayer may not sell, assign, convey, or otherwise
transfer the tax credit provided by this chapter.
As added by P.L.224-2003, SEC.199. Amended by P.L.191-2005,
SEC.9.
Last modified: May 28, 2006