taxable year for which the taxpayer was entitled to claim the
tax credit.
(b) Application.--A tax credit approved by the department
for long-term care insurance expenses 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 tax
credit was approved before the tax credit is applied against any
tax liability under subsection (a).
(c) Prohibition.--A taxpayer is not entitled to assign,
carry back or obtain a refund of an unused tax credit.
Section 1705-L. Limitation on tax credits.
(a) Total.--The total amount of tax credits approved by the
department may not exceed $20,000,000 in any fiscal year. Of
that amount, $5,000,000 shall be allocated exclusively for small
businesses. If the total amount allocated to either the group of
applicants, exclusive of small businesses, or the group of small
business applicants is not approved in any fiscal year, the
unused portion shall become available for use by the remaining
qualifying taxpayers.
(b) Proration among all applicants.--If the total amount of
tax credits applied for by all applicants, exclusive of small
businesses, exceeds the amount allocated for those tax credits,
then the tax credit to be received by each applicant shall be
prorated by the department among all applicants, exclusive of
small businesses, who have qualified for the tax credit.
(c) Proration among small business applicants.--If the total
amount of tax credits applied for by all small businesses
exceeds the amount allocated for those tax credits, then the tax
credit to be received by each small business applicant shall be
prorated by the department among all small business applicants
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