following the first taxable year for which the taxpayer was
entitled to claim the credit.
(b) Application.--A tax credit approved by the department in
a taxable year first shall be applied against the taxpayer's
qualified tax liability for the current taxable year as of the
date on which the credit was approved before the tax credit can
be applied against any tax liability under subsection (a). A
taxpayer may not carry back, obtain a refund of or sell or
assign the credit.
Section 1905-G. Pass-through entity.
(a) General rule.--If a pass-through entity has any unused
tax credit under section 1902-G, the pass-through entity may
elect in writing, according to procedures established by the
department, to transfer all or a portion of the tax credit to
shareholders, members or partners in proportion to the share of
the pass-through entity's distributive income to which the
shareholder, member or partner is entitled.
(b) Limitation.--A pass-through entity and a shareholder,
member or partner of a pass-through entity may not claim the tax
credit under subsection (a) for the same contributions.
(c) Application.--A shareholder, member or partner of a
pass-through entity to whom a tax credit is transferred under
subsection (a) shall immediately claim the tax credit in the
taxable year in which the transfer is made. The shareholder,
member or partner may not carry forward, carry back, obtain a
refund of or sell or assign the tax credit.
Section 1906-G. Annual cap on tax credits.
The total amount of tax credits approved under this article
may not be more than $15,000,000 in a fiscal year.
Section 1907-G. Report to General Assembly.
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