Credit carryover

Official textiga.in.govlast amended 2022

Sec. 4.

# (a)

If a holder's state tax credit exceeds the holder's state tax liability for the taxable year, the excess may be carried forward for up to nine (9) consecutive taxable years immediately following the first taxable year of the holder's state tax credit period and may be used to reduce the holder's state tax liability during those taxable years. Only the unused part of a state tax credit may be carried forward and used in a subsequent taxable year.

# (b)

The holder of a state tax credit is not entitled to a carryback or refund of any unused credit.
As added by P.L.137-2022, SEC.52.

Amendment history

As added by P.L.137-2022, SEC.52.

Source: view the official text

Nearby sections (25 sections)

6-3.1-34.6-6 · "Qualified vehicle"
6-3.1-34.6-7 · "State tax liability"
6-3.1-34.6-8 · Credit claims; credit amounts; claims for vehicles…
6-3.1-34.6-9 · Maximum credit amount for vehicles placed into service in
6-3.1-34.6-10 · Maximum annual credit; maximum overall credit
6-3.1-34.6-11 · Claiming credit; pass through entity
6-3.1-34.6-12 · Procedure to claim credit
6-3.1-34.6-13 · Credit carryover; no carryback or refund
6-3.1-34.6-14 · Credit sale, assignment, or transfer prohibited
6-3.1-35-1 · Applicability; applications
6-3.1-35-2 · Definitions
6-3.1-35-3 · Amount of credit; computation
6-3.1-35-4 · Credit carryover
6-3.1-35-5 · Allocation of the credit by pass through entities that do…
6-3.1-35-6 · Credit assignment
6-3.1-35-7 · Requirements to be awarded a credit; maximum amount of
6-3.1-35-8 · Annual aggregate credit limit
6-3.1-35-9 · Procedures to claim a credit
6-3.1-35-10 · Rules
6-3.1-35-11 · Evaluation of the effectiveness of the credit
6-3.1-35-12 · Expiration of chapter
6-3.1-35.8-1 · Definitions
6-3.1-35.8-2 · Eligible persons
6-3.1-35.8-3 · Amount of credit; pass through entities
6-3.1-35.8-4 · Application process; proof of payment; approval of a…

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