2019 Indiana Code
Title 6. Taxation
Article 3.1. State Tax Liability Credits
Chapter 30.5. School Scholarship Tax Credit
6-3.1-30.5-9.5. Unused credit carried forward; taxable years beginning after December 31, 2012

IC 6-3.1-30.5-9.5 Unused credit carried forward; taxable years beginning after December 31, 2012

Sec. 9.5. (a) This section applies to a taxpayer that is entitled to a tax credit under this chapter for a taxable year beginning after December 31, 2012.

(b) 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 nine (9) taxable years following the unused credit year.

(c) A taxpayer is not entitled to a carryback or refund of any unused credit.

As added by P.L.211-2013, SEC.2.

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