§ 44-39.1-2 - Credit provisions.
SECTION 44-39.1-2
§ 44-39.1-2 Credit provisions. – (a) The credit is not refundable but may be applied against the tax liabilityimposed against a taxpayer pursuant to chapters 11, 13, 14, 15, 17 and 30 ofthis title.
(b) The credit allowed under this chapter for any taxableyear shall not reduce the tax due for that year to less than one hundreddollars ($100). Any amount of credit not deductible in that taxable year maynot be carried over to the following year. This credit may not be appliedagainst the tax until all other credits available to this taxpayer for thattaxable year have been applied.
(c) In the event that the employer is a partnership, jointventure, or small business corporation, the credit shall be divided in themanner as income.
(d) In the event that the taxpayer is liable for taxesimposed under both chapters 14 and 15 of this title, the taxpayer must electthe tax against which it wishes to claim credit. This election shall be made aspart of the taxpayer's filings in accordance with §§ 44-14-6 and44-15-5. The taxpayer may not divide the credit for any year between the two(2) tax liabilities for which it is liable.