1. (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. (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. (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. (3) Third, against the taxpayer's financial institutions tax liability ( IC 6-5.5 ) for the taxable year.
2. (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.

As added by P.L.158-2019, SEC.29. Amended by P.L.154-2020, SEC.25.