§ 6-3.1-17.1-10 — Carryover of unused credit amount

Indiana § 6-3.1-17.1-10

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 17.1: Historic Rehabilitation Tax Credit

Text

(a) If the credit provided by this chapter
exceeds a qualified taxpayer's state tax liability for the taxable year for
which the credit is first claimed, the excess may be carried over to
succeeding taxable years and used as a credit against the tax otherwise
due and payable by the qualified taxpayer under IC 6-3 during those
taxable years. Each time that the credit is carried over 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 ten (10) taxable years following the
unused credit year.
(b) A qualified taxpayer is not entitled to any carryback or refund of
any unused credit.

Legislative History

As added by P.L.236-2023, SEC.67.