Indiana Code — Title 6 (Taxation)
IC 6-3.1-40-8
Credit carryover; carryback or refund of unused credit;
assignment prohibited
Sec. 8.
# (a)
If the amount of the credit allowed under section 6 of this chapter for a taxpayer in a taxable year exceeds the taxpayer's state income tax liability for that taxable year, the taxpayer may carry the excess credit over for a period not to exceed the taxpayer's following ten (10) taxable years. The amount of the credit carryover from a taxable year must 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. A taxpayer is not entitled to a carryback or a refund of any unused credit amount.
# (b)
A taxpayer may not assign any part of a credit to which the taxpayer is entitled under this chapter.
As added by P.L.203-2023, SEC.3.
Amendment history
As added by P.L.203-2023, SEC.3.
Source: view the official text
Nearby sections (25 sections)
- 6-3.1-39.5-11 · Claiming a credit
- 6-3.1-39.5-12 · Payment of recapture amount; change of ownership
- 6-3.1-39.5-13 · Liability
- 6-3.1-39.5-14 · Maximum aggregate amount of credits
- 6-3.1-39.5-15 · Expiration
- 6-3.1-40-1 · Applicability
- 6-3.1-40-2 · "Physician"
- 6-3.1-40-3 · Repealed
- 6-3.1-40-4 · "State income tax liability"
- 6-3.1-40-5 · "Taxpayer"
- 6-3.1-40-6 · Credit; eligibility; amount
- 6-3.1-40-7 · Allowable years of credit
- 6-3.1-40-8 · Credit carryover; carryback or refund of unused credit;
- 6-3.1-40-9 · Repealed
- 6-3.1-40-9.5 · Claiming credit on tax return; certified list of…
- 6-3.1-40-10 · Assessments
- 6-3.1-40-11 · Maximum amount of credits allowed; exception
- 6-3.1-40-12 · Department website; information required to be provided to
- 6-3.1-40.9-1 · "Affordable housing organization"
- 6-3.1-40.9-2 · "Corporation"
- 6-3.1-40.9-3 · "Credit"
- 6-3.1-40.9-4 · "Pass through entity"
- 6-3.1-40.9-5 · "State tax liability"
- 6-3.1-40.9-6 · "Taxpayer"
- 6-3.1-40.9-7 · Entitlement to credit