Section 8904-J - Carryover, carryback, assignment and pass-through of credit.(a) General rule.--If the amount of the tax credit allowed under this article exceeds the employer's tax liability in the tax year in which the tax credit is approved, the excess tax credit may be carried over to succeeding tax years for a period not to exceed three years to reduce the employer's tax liability during those tax years. The following shall apply:(1) A tax credit that is carried over to succeeding tax years must be applied first to the earliest tax year possible.(2) Any credit remaining after three tax years following the initial approval of a tax credit under this article shall not be refunded or credited to the employer.(b) No carryback or refund.--An employer approved for a tax credit is not entitled to carry back or obtain a refund of all or any portion of an unused tax credit granted to the employer under this article.(c) Pass-through entity.--If an employer is a pass-through entity and has an unused tax credit under section 1903-J, the employer may elect in writing, according to procedures established by the department, to transfer all or a portion of the credit to shareholders, members or partners in proportion to the share of the entity's distributive income to which the shareholder, member or partner is entitled. The following apply:(1) The same unused tax credit under subsection (b) may not be claimed by:(i) The pass-through entity; and(ii) A shareholder, member or patron of the pass-through entity.(2) A shareholder, member or partner of a pass-through entity to whom a credit is transferred under this subsection shall immediately claim the credit in the taxable year in which the transfer is made. The shareholder, member or partner may not carry forward, carry back, obtain a refund of or sell or assign the credit.Added by P.L. (number not assigned at time of publication) 2024 No. 56,§ 23, eff. 7/11/2024.