Credit; allocation to state tax liability
Sec. 4. (a) A credit to which a taxpayer is entitled under this
chapter shall be applied against taxes owed by the taxpayer in the
following order:
(1) First, against the taxpayer's adjusted gross income tax
liability (IC 6-3-1 through IC 6-3-7) for the taxable year.
(2) Second, against the taxpayer's insurance premiums tax
liability (IC 27-1-18-2) for the taxable year.
(3) Third, against the taxpayer's financial institutions tax
liability (IC 6-5.5) for the taxable year.
(b) If the tax paid by the taxpayer under a tax provision listed in
subsection (a) is a credit against the liability or a deduction in
determining the tax base under another Indiana tax provision, the
credit or deduction shall be computed without regard to the credit to
which a taxpayer is entitled under this chapter.
As added by P.L.51-1984, SEC.1. Amended by P.L.80-1989, SEC.9;
P.L.192-2002(ss), SEC.98.
Last modified: May 28, 2006