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2018 Indiana Code
TITLE 6. Taxation
ARTICLE 3.1. STATE TAX LIABILITY CREDITS
CHAPTER 11. Industrial Recovery Tax Credit
6-3.1-11-17. Carryover of excess credit; carryback or refund of unused credit barred
Universal Citation: IN Code § 6-3.1-11-17 (2018)
IC 6-3.1-11-17 Carryover of excess credit; carryback or refund of unused credit barred
Sec. 17. (a) If the amount determined under section 16(b) of this chapter for a taxable year exceeds the taxpayer's state tax liability for that taxable year, the taxpayer may carry the excess over to the immediately following taxable years. 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) A taxpayer is not entitled to a carryback or refund of any unused credit.
As added by P.L.379-1987(ss), SEC.11.
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