awarded under this article to taxes imposed under Article III.
(b) Availability.--Each fiscal year, $10,000,000 in tax
credits shall be made available to the department and may be
awarded by the department in accordance with this article.
Section 1805-H. Carryover, carryback and refund.
(a) General rule.--If a 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 tax
liability of the taxpayer for those taxable years. 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 taxable year. The tax credit
under this article may be carried over and applied to succeeding
taxable years for five taxable years following the first taxable
year the taxpayer was entitled to claim the tax credit.
(b) Application.--A tax credit certificate received by the
department in a taxable year shall first be applied against the
taxpayer's 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 any 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.
Section 1806-H. Report to General Assembly.
The Secretary of Revenue shall submit an annual report to the
General Assembly indicating the effectiveness of the tax credits
provided under this article no later than March 15 following the
year in which the credits were approved. The report shall
include the amount of credits approved. Notwithstanding any law
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