A vehicle recycler or scrap recycling facility, as defined in § 44-96-185, participating in the End-of-Life Vehicle Solutions (ELVS) Program, authorized pursuant to § 44-96-185, is entitled to a credit in the amount of two dollars and fifty cents for each mercury switch collected and submitted for disposal in accordance with the ELVS program. These credits may be used to reduce the taxpayer‘s corporate income tax liability imposed pursuant to § 12-6-530 or corporate license fees imposed pursuant to § 12-20-50. Any unused credits may be carried forward to subsequent taxable years until these credits are exhausted.