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Indiana Code — Title 6 (Taxation)

IC 6-3.1-7-3

Credit carryover

Official textiga.in.govlast amended

Sec. 3.

# (a)

If the amount determined under section 2(b) of this chapter for a particular taxpayer and a particular taxable year exceeds the taxpayer's state tax liability for that taxable year, then the taxpayer may carry the excess over to the immediately succeeding taxable years. Except as provided in subsection (b), the credit carryover may not be used for any taxable year that begins more than ten (10) years after the date on which the qualified loan 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 taxpayer to obtain a credit under this chapter for any subsequent taxable year.

# (b)

Notwithstanding subsection (a), if a loan is a qualified loan as the result of the use of the loan proceeds in a particular enterprise zone, and if the phase-out period of that enterprise zone terminates in a taxable year that succeeds the last taxable year in which a taxpayer is entitled to use credit carryover that results from that loan under subsection (a), then the taxpayer may use the credit carryover for any taxable year up to and including the taxable year in which the phase-out period of the enterprise zone terminates.
As added by P.L.51-1984, SEC.1.

Amendment history

As added by P.L.51-1984, SEC.1.

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Nearby sections (25 sections)
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  2. 6-3.1-4-1 · Definitions
  3. 6-3.1-4-2 · Amount of credit; computation
  4. 6-3.1-4-2.5 · Amount of credit; alternative computation
  5. 6-3.1-4-3 · Unused credits carried forward
  6. 6-3.1-4-4 · Application of Internal Revenue Code provisions
  7. 6-3.1-4-5 · Qualified research expenses; determination
  8. 6-3.1-4-6 · Federal credit expiration date inapplicable
  9. 6-3.1-4-7 · Pass through entity; shareholder, partner, or member
  10. 6-3.1-4-8 · Disclosure of reasons for not claiming the federal credit
  11. 6-3.1-7-1 · Definitions
  12. 6-3.1-7-2 · Eligible taxpayers; amount of credit; pass through entities
  13. 6-3.1-7-3 · Credit carryover
  14. 6-3.1-7-4 · Credit; allocation to state tax liability
  15. 6-3.1-7-5 · Claiming of credit on annual state tax return
  16. 6-3.1-7-6 · Disallowance of credit
  17. 6-3.1-7-7 · Tax credit report
  18. 6-3.1-7-8 · Program expiration; treatment of credit carryovers
  19. 6-3.1-9-1 · Definitions
  20. 6-3.1-9-2 · Eligible persons; application for allocation of tax credits;
  21. 6-3.1-9-3 · Amount of credit; application; pass through entities;
  22. 6-3.1-9-4 · Documentation for credit; form; contents; priority…
  23. 6-3.1-9-5 · Amount of tax credits allowed
  24. 6-3.1-9-6 · Allowable years of credit
  25. 6-3.1-10-1 · "Enterprise zone" defined
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