Indiana § 6-3.1-34-13 Credit carryover

Indiana Statutes

§ 6-3.1-34-13 — Credit carryover

Indiana·Art. 3.1 STATE TAX LIABILITY CREDITS·Ch. 34 Redevelopment Tax Credit

(a)If the amount of the credit determined under section 11 of this chapter for a taxpayer in a taxable year exceeds the taxpayer's state tax liability for that taxable year, the taxpayer may carry the excess credit over for a period not to exceed the taxpayer's following nine (9) taxable years, beginning with the taxable year after the year in which the corporation certifies the taxpayer's expenditures as a qualified investment. The amount of the credit carryover from a taxable year shall be reduced to the extent that the carryover is used by the taxpayer to obtain a credit under this chapter for any subsequent taxable year.

(b)A taxpayer is not entitled to a carryback or a refund of any unused credit amount.

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(a) If the amount of the credit determined
under section 11 of this chapter for a taxpayer in a taxable year exceeds
the taxpayer's state tax liability for that taxable year, the taxpayer may
carry the excess credit over for a period not to exceed the taxpayer's
following nine (9) taxable years, beginning with the taxable year after
the year in which the corporation certifies the taxpayer's expenditures
as a qualified investment. The amount of the credit carryover from a
taxable year shall be reduced to the extent that the carryover is used by
the taxpayer to obtain a credit under this chapter for any subsequent
taxable year.
(b) A taxpayer is not entitled to a carryback or a refund of any
unused credit amount.

Indiana § 6-3.1-34-13 (Credit carryover) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.