Indiana Code Title 6. Taxation § 6-3.1-1-3

Sec. 3. (a) A taxpayer (as defined in the following laws), pass through entity (as defined in the following laws), or shareholder, partner, or member of a pass through entity may not be granted more than one (1) tax credit under the following laws for the same project:

If a taxpayer, pass through entity, or shareholder, partner, or member of a pass through entity has been granted more than one (1) tax credit for the same project, the taxpayer, pass through entity, or shareholder, partner, or member of a pass through entity must elect to apply only one (1) of the tax credits in the manner and form prescribed by the department.

(b) A taxpayer (as defined in the following laws), pass through entity (as defined in the following laws), or shareholder, partner, or member of a pass through entity that is entitled to one (1) or more tax credits under the following laws for a taxable year beginning after December 31, 2016, and ending before January 1, 2018, may elect to carry forward all or any portion of one (1) or more of those tax credits to the taxable year beginning after December 31, 2017, and ending before January 1, 2019:

A taxpayer, pass through entity, or shareholder, partner, or member of a pass through entity that wishes to carry forward all or any portion of a tax credit under this subsection must make an election to do so in the manner and form prescribed by the department on or before the taxpayer's due date for filing a return for the taxable year ending after December 31, 2017.  This subsection does not affect the limitation set forth in subsection (a) for the taxable year beginning after December 31, 2017, and ending before January 1, 2019.  This subsection expires on January 1, 2023.