Credit in Excess of Tax Liability
(a)Credit is Refundable . The Commissioner will apply the…#
(a) Credit is Refundable . The Commissioner will apply the credit against the taxpayer's liability as reported on the taxpayer's tax return, as first reduced by any other available credits, and then refund the balance of the credit to the taxpayer. The provisions of M.G.L. c. 62C and M.G.L. c. 62D including, without limitation, provisions allowing offsets of refunds for unpaid tax assessments, child support obligations, or other applicable obligations also apply to refunds under 830 CMR 62.6W.1(6). The credit is not transferable.
(b)Carry Over of Unused Credit . Alternatively, at the…#
(b) Carry Over of Unused Credit . Alternatively, at the option of the taxpayer, a taxpayer entitled to claim a credit under M.G.L. c. 62, § 6(w) or M.G.L. c. 63, § 38II for a taxable year may carry over unused credits and apply such credits against the tax imposed under M.G.L. c. 62 or the excise imposed under M.G.L. c. 63 for any of the succeeding five taxable years.