(a) General rule.--A taxpayer shall be entitled to carry forward a tax credit for a period not to exceed
five taxable years from the taxable year in which the tax credit was awarded. Each time the tax credit is carried over to a succeeding taxable year, the tax credit
shall be reduced by the amount that was used as a credit during the immediately preceding
(b) Application.--A tax credit certificate received by the department in a taxable year shall first
be applied against the taxpayer's qualified tax liability for the current taxable
year as of the date on which the credit was issued before the tax credit can be applied
against a qualified tax liability under subsection (a).
(c) No carryback or refund.--A taxpayer may not carry back or obtain a refund of all or any portion of an unused
tax credit granted to the taxpayer under this article.
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.
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