§ 6-3.1-38.1-12 — Carry over of excess tax credit

Indiana § 6-3.1-38.1-12

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 38.1: Railroad Tax Credit for Qualified Infrastructure

Text

(a) If the credit provided by this chapter
exceeds a 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 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 five (5) taxable years following the unused credit year.
(b) A taxpayer is not entitled to any carryback or refund of any
unused credit.

Legislative History

As added by P.L.173-2025, SEC.2.