1. (a) If a pass through entity is entitled to a credit under section 9 of this chapter but does not have state tax liability against which the credit may be applied, a shareholder, partner, or member of the pass through entity is entitled to a credit equal to:

   1. (1) the credit determined for the pass through entity for the taxable year; multiplied by
   2. (2) the percentage of the pass through entity's distributive income to which the shareholder, partner, or member is entitled.
2. (b) The credit provided under subsection (a) is in addition to a credit to which a shareholder, partner, or member of a pass through entity is otherwise entitled under this chapter. However, a pass through entity and a shareholder, partner, or member of the pass through entity may not claim more than one (1) credit for the same qualified railroad expenditure or qualified new rail infrastructure expenditure.

As added by P.L.173-2025, SEC.2.