of the amount of the taxpayer's tax credit within 30 days after
approval by the department.
§ 3806. Carryover, application of tax credit, carryback, refund
and assignment.
(a) Carryover.--If the taxpayer cannot use the entire amount
of the tax credit for the taxable year in which the tax credit
is first approved, the excess may be carried over to succeeding
taxable years and used as a credit against the qualified tax
liability of the taxpayer for those taxable years. Each time
that the tax credit is carried over to a succeeding taxable
year, it shall be reduced by the amount that was used as a
credit during the immediately preceding taxable year. The tax
credit may be carried over and applied to succeeding taxable
years for no more than seven taxable years following the first
taxable year for which the taxpayer was entitled to claim the
tax credit.
(b) Application of tax credit.--A tax credit approved by the
department for a qualified investment 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 tax
credit was approved before the tax credit is applied against any
tax liability under subsection (a).
(c) Carryback or refund.--A taxpayer is not entitled to
carry back or obtain a refund of an unused tax credit.
(d) Sale or assignment.--A taxpayer, upon application to and
approval by the department in consultation with the Department
of Revenue, may sell or assign, in whole or in part, a tax
credit granted to the taxpayer under this chapter if the
taxpayer does not have a qualified tax liability against which
the tax credit may be applied in the current taxable year. The
20150HB0449PN0493 - 6 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30