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passthrough entity level must be passed through to the partners, shareholders, or members in proportion to their respective interests in the passthrough entity. 57-38-01.32. Housing incentive fund tax credit. Expired by S.L. 2015, ch. 14, § 20. 57-38-01.33. Income tax credit for purchases of manufacturing machinery and equipment for the purpose of automating manufacturing processes. Expired by S. L. 2015, ch. 445, §1. 57-38-01.34. Corporate credit for contributions to rural leadership North Dakota. There is allowed a credit against the tax imposed by section 57-38-30 in an amount equal to fifty percent of the aggregate amount of contributions made by the taxpayer during the taxable year for tuition scholarships for participation in rural leadership North Dakota conducted through the North Dakota state university extension service. Contributions by a taxpayer may be earmarked for use by a designated recipient. 57-38-01.35. Financial institutions - Net operating losses - Credit carryovers. 1. A subchapter S corporation that was a financial institution under chapter 57-35.3 may elect to be treated as a taxable corporation under chapter 57-38. If an election is made under this section, the election: a. Must be made in the form and manner prescribed by the tax commissioner on the return filed for the tax year beginning on January 1, 2013, or the return filed for the short period required under subsection 8 of section 57-38-34; and b. Is binding until the earlier of: (1) The end of the tax year for which the taxpayer reports a tax liability after tax credits; or (2) The beginning of the tax year for which the taxpayer elects to be recognized as a subchapter S corporation under section 57-38-01.4. 2. If an election is made under this section, the following apply: a. A subchapter S corporation may not file a consolidated return. b. Any unused credit carryovers earned by a financial institution under chapter 57-35.3 for tax years beginning before January 1, 2013, may be carried forward for the same number of years the financial institution would have been entitled under chapter 57-35.3. c. Any unused net operating losses incurred by a financial institution under chapter 57-35.3 for tax years beginning before January 1, 2013, may be carried forward for the same number of years the financial institution would have been entitled under chapter 57-35.3. 57-38-01.36. Twenty-first century manufacturing workforce incentive. Expired under S.L. 2019, ch. 437, § 3. 57-38-01.37. Individual income tax credit. Expired under S.L. 2021, ch. 565, § 3. 57-38-01.38. Adoption tax credit. 1. A taxpayer is entitled to a credit against the income tax liability under section 57-38-30.3 for adoption expenses. 2. The credit is equal to ten percent of the federal adoption credit allowed under section 23 of the Internal Revenue Code [26 U.S.C. 23] claimed by the taxpayer in the current taxable year. 3. The credit allowed under this section may not exceed fifty percent of the taxpayer's liability for tax under this chapter. Any credit amount exceeding fifty percent of the Page No. 20