§ 6-3.1-40-8 — Credit carryover; carryback or refund of unused credit; assignment prohibited

Indiana § 6-3.1-40-8

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 40: Physician Practice Ownership Tax Credit

Text

(a) If the amount of the credit allowed under
section 6 of this chapter for a taxpayer in a taxable year exceeds the
taxpayer's state income tax liability for that taxable year, the taxpayer
may carry the excess credit over for a period not to exceed the
taxpayer's following ten (10) taxable years. The amount of the credit
carryover from a taxable year must 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. A taxpayer is not entitled to a
carryback or a refund of any unused credit amount.
(b) A taxpayer may not assign any part of a credit to which the
taxpayer is entitled under this chapter.

Legislative History

As added by P.L.203-2023, SEC.3.