If a pass through entity is entitled to a credit under this chapter but does not have state tax liability against which the tax credit may be applied, an individual who is a shareholder, partner, beneficiary, or member of the pass through entity is entitled to a tax credit equal to:

1. (1) the tax 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, beneficiary, or member is entitled.

   The credit provided under this section is in addition to a tax credit to which a shareholder, partner, beneficiary, or member of a pass through entity is entitled. However, a pass through entity and an individual who is a shareholder, partner, beneficiary, or member of a pass through entity may not claim more than one (1) credit.

As added by P.L.201-2023, SEC.103.