Sec. 13. (a) If the amount of the credit determined under section 11 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 credit over for a period not to exceed the taxpayer's following nine (9) taxable years, beginning with the taxable year after the year in which the corporation certifies the taxpayer's expenditures as a qualified investment. 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 a refund of any unused credit amount.
As added by P.L.158-2019, SEC.29.
Structure Indiana Code
Article 3.1. State Tax Liability Credits
Chapter 34. Redevelopment Tax Credit
6-3.1-34-3.5. "Mine Reclamation Site"
6-3.1-34-4. "Pass Through Entity"
6-3.1-34-5. "Placed in Service"
6-3.1-34-6. "Qualified Redevelopment Site"
6-3.1-34-7. "Qualified Investment"
6-3.1-34-9. "State Tax Liability"
6-3.1-34-11. Application; Amount of Credit; Pass Through Entity
6-3.1-34-12. Allocation of Credit Against Taxes Owed; Order; Computation
6-3.1-34-14. Credit Assignment
6-3.1-34-15. Requirements to Be Awarded a Credit
6-3.1-34-16. Factors Considered in Determining Whether to Award a Credit
6-3.1-34-18. Repayment Provisions
6-3.1-34-19. Procedure to Claim a Credit
6-3.1-34-20. Notice of Noncompliance; Assessment
6-3.1-34-21. Evaluation of the Performance of the Tax Credit Program; Report