Section 6-3.1-7-4 - Credit; allocation to state tax liability(a) A credit to which a taxpayer is entitled 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 is entitled under this chapter.Amended by P.L. 154-2020,SEC. 12, eff. 7/1/2020.As added by P.L. 51-1984, SEC.1. Amended by P.L. 80-1989, SEC.9; P.L. 192-2002 (ss), SEC.98.