Indiana Code 6-3.1-36-11. Credit carryover
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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.
(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.
(b) If the credit provided by this chapter exceeds the taxpayer’s state tax liability for the first taxable year containing the taxable year for which the corporation awards the credit, then the excess may be carried over to succeeding taxable years and used as a credit against the state tax liability of the taxpayer during those taxable years.
Terms Used In Indiana Code 6-3.1-36-11
- corporation: refers to the Indiana economic development corporation established by IC 5-28-3-1. See Indiana Code 6-3.1-36-1
- 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.
- 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
(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.