Application of credit

# (a)

Any unused portion of a credit allowed under this article may be taken as a credit against corporation net income taxes due for the taxable year as provided in section eleven-a, article twenty-four of this chapter.

# (b)

If any portion of the amount certified as the eligible taxpayer's revenue deficiency by the Public Service Commission is not recovered under subsection (a) hereof, the unrecovered amount may be carried over to the subsequent year as a tax credit as allowed by section three of this article and shall be applied as a credit before any other credits for that year are applied.

# (c)

In no event shall an eligible taxpayer be allowed to recover more than one hundred percent of its certified revenue deficiency.

Source: view the official text

In this chapter (40 sections)

11-13D-9 · Severability
11-13D-10 · Termination of credit, exception for electricity producers,…
11-13E-1 · Legislative finding and purpose
11-13E-2 · Definitions
11-13E-3 · Amount of credit allowed for coal loading facilities
11-13E-3A · Application of credit after June 30, 1987
11-13E-3B · Application of credit after June 30, 1993
11-13E-4 · Eligible investment
11-13E-5 · Forfeiture of unused tax credits; redetermination of credit…
11-13E-6 · Transfer of eligible investment to successors
11-13E-7 · Severability
11-13F-1 · Legislative Purpose
11-13F-2 · Definitions
11-13F-3 · Amount of credit
11-13F-4 · When credit may be taken
11-13F-5 · Application of credit
11-13G-1 · Legislative purpose
11-13G-2 · Definitions
11-13G-3 · Amount of credit
11-13G-4 · When credit may be taken
11-13G-5 · Application of credit
11-13H-1 · 11-13H-1
11-13H-2 · 11-13H-2
11-13H-3 · 11-13H-3
11-13H-4 · 11-13H-4
11-13I-1 · Legislative purpose
11-13I-2 · Credit allowed; amount and duration of credit; recapture of…
11-13I-3 · Application of credit; limitation of credit; tax…
11-13J-1 · Short title
11-13J-2 · Legislative finding and purpose
11-13J-3 · Definitions
11-13J-4 · Eligibility for tax credits; creation of neighborhood…
11-13J-4A · Neighborhood Investment Program Advisory Board
11-13J-5 · Amount of credit allowed
11-13J-6 · Application of annual credit allowance
11-13J-7 · Assertion of the tax credit against tax
11-13J-8 · Total maximum aggregate tax credit amount
11-13J-9 · Credit recapture; interest; penalties; additions to tax;…
11-13J-10 · Public information relating to tax credit
11-13J-11 · Audits and examinations; information sharing

Full table of contents →