59-10-1045. Nonrefundable tax credit for taxes paid by pass-through entity.
(1) As used in this section, "taxed pass-through entity taxpayer" means a resident or nonresident individual who: has income attributed to the individual by a pass-through entity; receives the income described in Subsectionafter the pass-through entity pays the tax described in Subsection; and (1)(a) 59-10-1403.2(2) adds the amount of tax paid on the income described in Subsectionto adjusted gross income in accordance with Subsection. (1)(a) 59-10-114(1)(i)
(2) A taxed pass-through entity taxpayer may claim a nonrefundable tax credit for the taxes imposed under Subsection. 59-10-1403.2(2) The tax credit is equal to the amount of the tax paid under Subsectionby the pass-through entity on the income attributed to the taxed pass-through entity taxpayer. 59-10-1403.2(2)
(3) A taxed pass-through entity taxpayer may carry forward the amount of the tax credit that exceeds the taxed pass-through entity taxpayer's tax liability for a period that does not exceed the next ten taxable years. A taxed pass-through entity taxpayer may not carry back the amount of the tax credit that exceeds the taxed pass-through entity taxpayer's tax liability for the taxable year.