(1) Any credits under Title 38 may be applied against any taxes imposed under this chapter or license fees imposed under Chapter 20 of this title.
(2) Any credits under this chapter which are earned by one member of a controlled group of corporations may be used and applied by that member and by any other members of the controlled group of corporations.
(3) Any limitations upon the total amount of liability for taxes or license fees that can be reduced by the use of a credit must be computed before any other credit is used to reduce any tax or license fee liability under this chapter or Chapter 20 of this title. Subject to item (4), the taxpayer may apply any credits arising under this chapter in any order the taxpayer elects.
(4) No credit may be used more than once, and all credits must be used, to the extent possible in any given year, first by the company that earned them, and second against the tax which generated them.
(5) As used in this section:
(a) the term "controlled group of corporations" has the same meaning as provided under Section 1563 of the Internal Revenue Code without regard to Section 1563(a)(4), (b)(2)(A), only with respect to corporations which are in existence for less than one-half the number of days in the tax year referred to therein, and (b)(2)(C) and (D);
(b) the term "tax credit" or "credit" means a statutorily directed or authorized reduction in the tax liability made after any applicable tax rates are applied.