Indiana Code
Chapter 30. Headquarters Relocation Tax Credit
6-3.1-30-11. Carryover; Unused Tax Credit; Refundable at the Discretion of the Corporation

Sec. 11. (a) If the credit provided by this chapter exceeds the taxpayer's state tax liability for the taxable year for which the credit is first claimed, the excess may be carried forward to succeeding taxable years and used as a credit against the taxpayer's state tax liability during those taxable years. Each time that the credit is carried forward to a succeeding taxable year, the credit 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 unused credit year.
(b) A taxpayer that qualifies as an eligible business under section 2(1) of this chapter is not entitled to any carryback or refund of any unused credit.
(c) In the case of a taxpayer that qualifies as an eligible business under section 2(2) of this chapter, if the credit provided by this chapter exceeds the taxpayer's state tax liability, the excess may, at the discretion of the corporation, be refunded to the taxpayer. An eligible business under section 2(2) of this chapter is not entitled to carryback any unused credit.
As added by P.L.193-2005, SEC.21. Amended by P.L.158-2019, SEC.25.

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