Sec. 13. (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.

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Terms Used In Indiana Code 6-3.1-34-13

  • qualified investment: means the amount of the taxpayer's expenditures that are:

    Indiana Code 6-3.1-34-7

  • state tax liability: means the taxpayer's total tax liability that is incurred under:

    Indiana Code 6-3.1-34-9

  • taxpayer: means any person, corporation, limited liability company, partnership, or other entity that has any state tax liability. See Indiana Code 6-3.1-34-10
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) A taxpayer is not entitled to a carryback or a refund of any unused credit amount.

As added by P.L.158-2019, SEC.29.

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