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Indiana Code — Title 6 (Taxation)

IC 6-3.1-38.1-12

Carry over of excess tax credit

Official textiga.in.govlast amended

Sec. 12.

# (a)

If the credit provided by this chapter exceeds a taxpayer's state tax liability for the taxable year for which the credit is first claimed, the excess may be carried over to succeeding taxable years and used as a credit against the tax otherwise due and payable by the taxpayer under IC 6-3 during those taxable years. Each time that the credit is carried over to a succeeding taxable year, the credit is to be reduced by the amount that was used as a credit during the immediately preceding taxable year. The credit provided by this chapter may be carried forward and applied to succeeding taxable years for five (5) taxable years following the unused credit year.

# (b)

A taxpayer is not entitled to any carryback or refund of any unused credit.
As added by P.L.173-2025, SEC.2.

Amendment history

As added by P.L.173-2025, SEC.2.

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Nearby sections (25 sections)
  1. 6-3.1-38-9 · Rules
  2. 6-3.1-38.1-1 · "Pass through entity"
  3. 6-3.1-38.1-2 · "Qualified applicant"
  4. 6-3.1-38.1-3 · "Qualified new rail infrastructure expenditures"
  5. 6-3.1-38.1-4 · "Qualified railroad expenditures"
  6. 6-3.1-38.1-5 · "Qualified rural county"
  7. 6-3.1-38.1-6 · "State tax liability"
  8. 6-3.1-38.1-7 · "Taxpayer"
  9. 6-3.1-38.1-8 · Applying for tax credit; eligibility
  10. 6-3.1-38.1-9 · Amount of tax credit
  11. 6-3.1-38.1-10 · Amount of tax credit; pass through entities
  12. 6-3.1-38.1-11 · Claiming tax credit
  13. 6-3.1-38.1-12 · Carry over of excess tax credit
  14. 6-3.1-38.1-13 · Assignment of tax credit
  15. 6-3.1-38.1-14 · Aggregate amount of tax credits permitted
  16. 6-3.1-38.1-15 · Expiration
  17. 6-3.1-38.3-1 · "Pass through entity"
  18. 6-3.1-38.3-2 · "State tax liability"
  19. 6-3.1-38.3-3 · Credit
  20. 6-3.1-38.3-4 · Eligibility requirements
  21. 6-3.1-38.3-5 · Computation of credit amount; certain taxpayers
  22. 6-3.1-38.3-6 · Computation of credit amount; certain taxpayers
  23. 6-3.1-38.3-7 · Pass through entity; shareholder, partner, or member
  24. 6-3.1-38.3-8 · Claiming of credit on state tax return
  25. 6-3.1-38.3-9 · Credit carryover
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