Sec. 10. (a) If the amount of the credit determined under section 8(b) 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 eligible taxpayer’s following three (3) taxable years. 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. A taxpayer is not entitled to a carryback or a refund of any unused credit amount.

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Terms Used In Indiana Code 6-3.1-39.5-10

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

    Indiana Code 6-3.1-39.5-6

  • taxpayer: means any person, corporation, limited liability company, partnership, or other entity that has any state tax liability and employs one hundred (100) individuals or less. See Indiana Code 6-3.1-39.5-7
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) A taxpayer may not assign any part of a credit to which the taxpayer is entitled under this chapter.

As added by P.L.201-2023, SEC.103.

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