secretary, the business firm may claim a tax credit against the
qualified tax liability of the business firm.
Section 1904-G. Carryover, carryback and assignment of credit.
(a) Carryover.--If a business firm cannot use the entire
amount of the depressed area tax credit for the taxable year in
which the credit is first approved, then the excess may be
carried over to succeeding taxable years and used as a credit
against the qualified tax liability of the business firm for
those taxable years. Each time the depressed area 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 depressed area tax credit may be
carried over and applied to succeeding taxable years for not
more than seven taxable years following the first taxable year
for which the business firm was entitled to claim the credit.
(b) Application.--A depressed area tax credit shall first be
applied against the business firm's qualified tax liability for
the current taxable year as of the date on which the credit was
issued before the credit can be applied against any tax
liability under subsection (a).
(c) No carryback or refund.--A business firm may not carry
back or obtain a refund of all or any portion of an unused
depressed area tax credit granted to the business firm.
(d) Sale or assignment.--The following shall apply:
(1) A business firm, upon application to and approval by
the Department of Community and Economic Development, may
sell or assign, in whole or in part, a depressed area tax
credit granted to the business firm.
(2) Before an application is approved, the Department of
Revenue must find that the applicant has filed all required
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