A. Except as provided in subsection D of this section, for taxable years beginning after December 31, 2008, and ending before January 1, 2026, a qualified employee shall be allowed a credit against the tax imposed pursuant to Section 2355 of this title of up to Five Thousand Dollars ($5,000.00) per year for a period of time not to exceed five (5) years.
B. The credit authorized by this section shall not be used to reduce the tax liability of the taxpayer to less than zero (0).
C. Any credit claimed, but not used, may be carried over, in order, to each of the five (5) subsequent taxable years.
D. No credit otherwise authorized by the provisions of this section may be claimed for any event, transaction, investment, expenditure or other act occurring on or after July 1, 2010, for which the credit would otherwise be allowable. The provisions of this subsection shall cease to be operative on July 1, 2011. Beginning July 1, 2011, the credit authorized by this section may be claimed for any event, transaction, investment, expenditure or other act occurring on or after July 1, 2011, according to the provisions of this section.
Added by Laws 2008, c. 417, § 4, eff. Jan. 1, 2009. Amended by Laws 2010, c. 327, § 28, eff. July 1, 2010; Laws 2011, c. 5, § 3; Laws 2014, c. 30, § 4, eff. Nov. 1, 2014; Laws 2017, c. 153, § 3, eff. Nov. 1, 2017.
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