Indiana Code 6-3.1-10-7. Carryover of excess credit
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Sec. 7. (a) If the amount determined under section 6(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 over to the following 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.
(b) A taxpayer is not entitled to a carryback or refund of any unused credit.
As added by P.L.9-1986, SEC.8.
Terms Used In Indiana Code 6-3.1-10-7
- state tax liability: means a taxpayer's total tax liability that is incurred under IC 6-3-1 through IC 6-3-7 (the adjusted gross income tax), as computed after the application of the credits that, under Indiana Code 6-3.1-10-3
- taxpayer: includes a pass through entity. See Indiana Code 6-3.1-10-4
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5