Section 6-3.1-34-12 - Allocation of credit against taxes owed; order; computation(a) A tax credit that a taxpayer may claim under this chapter shall be applied against taxes owed by the taxpayer in the following order:(1) First, against the taxpayer's adjusted gross income tax liability (IC 6-3-1 through IC 6-3-7) for the taxable year.(2) Second, against the taxpayer's insurance premiums tax liability (IC 27-1-18-2) or nonprofit agricultural organization health coverage tax liability (IC 6-8-15) for the taxable year.(3) Third, against the taxpayer's financial institutions tax liability (IC 6-5.5) for the taxable year.(b) If the tax paid by the taxpayer under a tax provision listed in subsection (a) is a credit against the liability or a deduction in determining the tax base under another Indiana tax provision, the credit or deduction shall be computed without regard to the credit to which a taxpayer may claim under this chapter.Amended by P.L. 154-2020,SEC. 25, eff. 7/1/2020.Added by P.L. 158-2019,SEC. 29, eff. 1/1/2020.