Indiana Code 6-3.1-40-8. Credit carryover; carryback or refund of unused credit; assignment prohibited
Current as of: 2023 | Check for updates
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Sec. 8. (a) If the amount of the credit allowed under section 6 of this chapter for a taxpayer in a taxable year exceeds the taxpayer’s state income tax liability for that taxable year, the taxpayer may carry the excess credit over for a period not to exceed the taxpayer’s following ten (10) taxable years. The amount of the credit carryover from a taxable year must 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.
(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.203-2023, SEC.3.
Terms Used In Indiana Code 6-3.1-40-8
- state income tax liability: means the 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 6-3.1-40-4
- taxpayer: means an individual who:
Indiana Code 6-3.1-40-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5