§ 6-3.1-36-11 — Credit carryover

(a) The amount of the credit provided by
this chapter that a taxpayer uses during a particular taxable year may
not exceed the state tax liability of the taxpayer.
(b) If the credit provided by this chapter exceeds the taxpayer's state
tax liability for the first taxable year containing the taxable year for
which the corporation awards the credit, then the excess may be carried
over to succeeding taxable years and used as a credit against the state
tax liability of the taxpayer during those taxable years.
(c) Each time that the credit is carried over to a succeeding taxable
year, it 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 nine (9) taxable years following the first taxable year containing the
taxable year for which the corporation awards the credit.
(d) If a taxpayer fails to claim a credit under this chapter for a year
in which the taxpayer is otherwise permitted to claim the credit, the
credit will be considered to be used for purposes of subsection (c).

Legislative History

As added by P.L.135-2022, SEC.19.