Indiana Code — Title 6 (Taxation)
IC 6-3.1-40.9-9
Carry forward of credit
Sec. 9.
# (a)
If the credit provided by this chapter exceeds the taxpayer's state tax liability for the taxable year for which the credit is first claimed, the excess may be carried forward to succeeding taxable years and used as a credit against the taxpayer's state tax liability during those taxable years. Each time the credit is carried forward to a succeeding taxable year, the credit is 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 a carryback or refund of any unused credit.
As added by P.L.201-2023, SEC.104.
Amendment history
As added by P.L.201-2023, SEC.104.
Source: view the official text
Nearby sections (25 sections)
- 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
- 6-3.1-40.9-8 · Amount of credit
- 6-3.1-40.9-9 · Carry forward of credit
- 6-3.1-40.9-10 · Shareholder, partner, or member entitled to credit
- 6-3.1-40.9-11 · Application for approval as an affordable housing…
- 6-3.1-40.9-12 · Claiming the credit
- 6-3.1-40.9-13 · Maximum amount of credits
- 6-3.1-40.9-14 · Information concerning the credit on the department…
- 6-3.1-40.9-15 · Adoption of rules
- 6-3.1-40.9-16 · Expiration
- 6-3.1-45-1 · Applicability
- 6-3.1-45-2 · "Department"
- 6-3.1-45-3 · "Qualified investment"
- 6-3.1-45-4 · "Small modular nuclear reactor"
- 6-3.1-45-5 · "State tax liability"