Limitation on tax credits; approval of applications; failure to file
statement of proof of payment
Sec. 5. (a) The amount of tax credits allowed under this chapter
may not exceed two million five hundred thousand dollars
($2,500,000) in the state fiscal year beginning July 1, 1997, and
ending June 30, 1998, and each state fiscal year thereafter.
(b) The department shall record the time of filing of each
application for allowance of a credit required under section 4 of this
chapter and shall approve the applications, if they otherwise qualify
for a tax credit under this chapter, in the chronological order in
which the applications are filed in the state fiscal year.
(c) When the total credits approved under this section equal the
maximum amount allowable in any state fiscal year, no application
thereafter filed for that same fiscal year shall be approved. However,
if any applicant for whom a credit has been approved fails to file the
statement of proof of payment required under section 4 of this
chapter, an amount equal to the credit previously allowed or set aside
for the applicant may be allowed to any subsequent applicant in the
year. In addition, the department may, if the applicant so requests,
approve a credit application, in whole or in part, with respect to the
next succeeding state fiscal year.
As added by P.L.51-1984, SEC.1. Amended by P.L.95-1995, SEC.1;
P.L.64-1997, SEC.1.
Last modified: May 28, 2006