Sec. 7. (a) If the amount determined under section 6(b) of this chapter for a taxable year exceeds the taxpayer‘s state tax liability for that taxable year, the taxpayer may carry the excess over to the immediately following taxable years. The amount of the credit carryover from a taxable year is 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 credit may not be carried forward for more than ten (10) taxable years following the taxable year in which the taxpayer is first entitled to claim the credit.

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Terms Used In Indiana Code 6-3.1-37.2-7

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

    Indiana Code 6-3.1-37.2-4

  • taxpayer: means any person, corporation, limited liability company, partnership, or other entity that has any state tax liability and that is the owner or developer of a mine reclamation site. See Indiana Code 6-3.1-37.2-5
  • 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 refund of any unused credit.

As added by P.L.214-2023, SEC.2.

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