Allocation of credit against taxes owed; order; computation

# (1)

First, against the taxpayer's adjusted gross income tax liability (IC 6-3-1 through
IC 6-3-7) for the taxable year.

# (2)

Second, against the taxpayer's insurance premiums tax liability (IC 27-1-18-2) or nonprofit agricultural organization health coverage tax liability (IC 6-8-15) for the taxable year.

# (3)

Third, against the taxpayer's financial institutions tax liability (IC 6-5.5) for the taxable year.

(b) If the tax paid by the taxpayer under a tax provision listed in subsection (a) is a credit against the liability or a deduction in determining the tax base under another Indiana tax provision, the credit or deduction shall be computed without regard to the credit to which a taxpayer may claim under this chapter.
As added by P.L.158-2019, SEC.29. Amended by P.L.154-2020, SEC.25.