Sec. 10. (a) The amount of tax credits allowed under this chapter may not exceed two hundred
thousand dollars ($200,000) in any state fiscal year.
(b) The department shall:
(1) record the time of filing of each application for allowance of a credit required
under section 9 of this chapter; and
(2) approve the applications, if they otherwise qualify for a tax credit under this
chapter, in the chronological order in which the applications are filed in the state
(c) When the total credits approved under this section equal the maximum amount allowable
in any state fiscal year, an application filed after that time for the same fiscal
year may not be approved. However, if an applicant for whom a credit has been approved fails to file the statement
of proof of payment required under section 9 of this chapter, an amount equal to the credit previously allowed or set aside for
the applicant may be allowed to any subsequent applicant in the year. In addition, the department may, if the applicant so requests, approve a credit
application, in whole or in part, with respect to the next succeeding state fiscal
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.