Use of corporate income tax credits - carry over

(1) For a tax credit certificate issued in fiscal year 2025-26, the department, in consultation with the office of state planning and budgeting, prior to the sale, may determine the tax years in which the qualified taxpayer may claim the qualified taxpayer's tax credit against the qualified taxpayer's income tax liability. (2) For the tax year specified in the tax credit certificate issued pursuant to section 24-34-503 (6), the qualified taxpayer may claim the amount of the tax credit against the qualified taxpayer's income tax liability. If the amount of the tax credit exceeds the qualified taxpayer's actual tax liability for that tax year, the excess is not refunded to the qualified taxpayer. The qualified taxpayer may carry forward and apply the unused tax credit against the income tax liability for any succeeding tax year; except that the tax credit may not be carried forward to a tax year that begins after December 31, 2033. The taxpayer shall apply the carry forward credit against the income tax liability for the earliest of the income tax years possible. Any amount of the tax credit that is not used after this period is not refundable. (3) A qualified taxpayer claiming a credit under this part 5 shall submit the tax credit certificate with its tax return.