1. (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. (1) Against the taxpayer's adjusted gross income tax liability ( IC 6-3-1 through IC 6-3-7 ) for the taxable year.
   2. (2) Against the taxpayer's insurance premiums tax liability ( IC 27-1-18-2 ) for the taxable year.
   3. (3) Against the taxpayer's financial institutions tax ( IC 6-5.5 ) for the taxable year.
2. (b) Whenever the tax paid by the taxpayer under any of the tax provisions 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.

As added by P.L.214-2023, SEC.2.