Pass through entity credit
Sec. 6. If a pass through entity is entitled to a credit under this
chapter but does not have state tax liability against which the tax
credit may be applied, an individual who is a shareholder, partner,
beneficiary, or member 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, partner, beneficiary, or
member is entitled.
The credit provided under this section is in addition to a tax credit to
which a shareholder, partner, beneficiary, or member of a pass
through entity is entitled. However, a pass through entity and an
individual who is a shareholder, partner, beneficiary, or member of
a pass through entity may not claim more than one (1) credit for the
qualified expenditure.
As added by P.L.129-2001, SEC.6.
Last modified: May 28, 2006