Sec. 11. (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.
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Terms Used In Indiana Code 6-3.1-36-11
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- corporation: refers to the Indiana economic development corporation established by IC 5-28-3-1. See Indiana Code 6-3.1-36-1
- state tax liability: means a taxpayer's total tax liability that is incurred under:
Indiana Code 6-3.1-36-5
- taxpayer: means a qualified applicant that has any state tax liability. See Indiana Code 6-3.1-36-6
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(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).
As added by P.L.135-2022, SEC.19.
