Credit carryover

# (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.