Credit for pass-through entity tax paid

A qualified member, as defined in section 5199‑A, subsection 9, is allowed a credit against the tax imposed by this Part equal to 90% of the amount of the tax required to be reported to the qualified member for the taxable year by an electing pass-through entity, as defined in section 5199‑A, subsection 4, in accordance with section 5199‑G. The credit authorized by this section is refundable. A credit is not allowed under this section unless the electing pass-through entity paid the tax imposed under chapter 815, subchapter 3 and provided sufficient information on the pass-through entity tax return as prescribed by the assessor to identify that qualified member and the qualified member's distributive share of the tax paid by the electing pass-through entity. The provisions of section 5219‑G, subsection 2 may not be applied to the credit allowed under this section.