Carryover; unused tax credit
Effective 1-1-2007.
Sec. 11. (a) If the credit provided by this chapter exceeds the
taxpayer's state tax liability for the taxable year for which the credit
is first claimed, the excess may be carried forward to succeeding
taxable years and used as a credit against the taxpayer's state tax
liability during those taxable years. Each time that the credit is
carried forward to a succeeding taxable year, the credit is to be
reduced by the amount that was used as a credit during the
immediately preceding taxable year. The credit provided by this
chapter may be carried forward and applied to succeeding taxable
years for nine (9) taxable years following the unused credit year.
(b) A taxpayer is not entitled to any carryback or refund of any
unused credit.
As added by P.L.193-2005, SEC.21.
Last modified: May 28, 2006