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Indiana Code — Title 6 (Taxation)

IC 6-3.1-38-8

Credit carryover; carryback or refund of unused credit

Official textiga.in.govlast amended

Sec. 8.

# (a)

The amount of the credit provided by this chapter that a qualified taxpayer uses during a particular taxable year may not exceed the state tax liability of the qualified taxpayer.

# (b)

If the amount of a credit determined under this chapter for a particular qualified taxpayer and a particular taxable year exceeds the qualified taxpayer's state tax liability for that taxable year, then the qualified taxpayer may carry the excess over to the immediately succeeding taxable years. The credit carryover may not be used for any taxable year that begins more than ten (10) years after the date on which the donation from which the credit results is made. The amount of the credit carryover from a taxable year shall be reduced to the extent that the carryover is used by the qualified taxpayer to obtain a credit under this chapter for any subsequent taxable year.

# (c)

A qualified taxpayer is not entitled to a carryback or refund of any unused credit.
As added by P.L.203-2023, SEC.2.

Amendment history

As added by P.L.203-2023, SEC.2.

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Nearby sections (25 sections)
  1. 6-3.1-37.2-13 · Claiming of credit and submission of certification
  2. 6-3.1-37.2-14 · Pass through entities
  3. 6-3.1-37.2-15 · Maximum aggregate amount allowed
  4. 6-3.1-37.2-16 · Limitations
  5. 6-3.1-37.2-17 · Expiration; carryforward after expiration
  6. 6-3.1-38-1 · Applicability
  7. 6-3.1-38-2 · "Qualified taxpayer"
  8. 6-3.1-38-3 · "State tax liability"
  9. 6-3.1-38-4 · Credit for qualified taxpayer; credit amounts
  10. 6-3.1-38-5 · Reporting requirements
  11. 6-3.1-38-6 · Claiming credit on tax return
  12. 6-3.1-38-7 · Maximum amount of credit; approval of claims
  13. 6-3.1-38-8 · Credit carryover; carryback or refund of unused credit
  14. 6-3.1-38-9 · Rules
  15. 6-3.1-38.1-1 · "Pass through entity"
  16. 6-3.1-38.1-2 · "Qualified applicant"
  17. 6-3.1-38.1-3 · "Qualified new rail infrastructure expenditures"
  18. 6-3.1-38.1-4 · "Qualified railroad expenditures"
  19. 6-3.1-38.1-5 · "Qualified rural county"
  20. 6-3.1-38.1-6 · "State tax liability"
  21. 6-3.1-38.1-7 · "Taxpayer"
  22. 6-3.1-38.1-8 · Applying for tax credit; eligibility
  23. 6-3.1-38.1-9 · Amount of tax credit
  24. 6-3.1-38.1-10 · Amount of tax credit; pass through entities
  25. 6-3.1-38.1-11 · Claiming tax credit
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