Tax credit; eligibility; amount; nonrefundable

(1) An individual taxpayer who makes one or more contributions to one or more programs or projects certified for tax credit status during a tax year shall be eligible for a tax credit under the Creating High Impact Economic Futures Act. The amount of the credit shall be equal to one hundred percent of the total amount of such contributions made during the tax year.

(2) Taxpayers who are married but file separate returns for a tax year in which they could have filed a joint return may each claim fifty percent of the tax credit that would otherwise have been allowed for a joint return.

(3) Any partnership, limited liability company, or corporation having an election in effect under subchapter S of the Internal Revenue Code of 1986, as amended, that makes one or more contributions to one or more programs or projects certified for tax credit status during a tax year shall be eligible for a tax credit under the Creating High Impact Economic Futures Act. The amount of the credit shall be equal to fifty percent of the total amount of such contributions made during the tax year. The credit shall be attributed to each partner, member, or shareholder in the same proportion used to report the partnership's, limited liability company's, or subchapter S corporation's income or loss for income tax purposes.

(4) An estate or trust that makes one or more contributions to one or more programs or projects certified for tax credit status during a tax year shall be eligible for a tax credit under the Creating High Impact Economic Futures Act. The amount of the credit shall be equal to fifty percent of the total amount of such contributions made during the tax year. Any credit not used by the estate or trust may be attributed to each beneficiary of the estate or trust in the same proportion used to report the beneficiary's income from the estate or trust for income tax purposes.

(5) A corporate taxpayer as defined in section 77-2734.04 that makes one or more contributions to one or more programs or projects certified for tax credit status during a tax year shall be eligible for a tax credit under the Creating High Impact Economic Futures Act. The amount of the credit shall be equal to fifty percent of the total amount of such contributions made during the tax year.

(6) The tax credit allowed under this section shall be a nonrefundable credit. Any amount of the tax credit that is unused may be carried forward and applied against the taxpayer's income tax liability for the next five years immediately following the tax year in which the credit is first allowed. The tax credit cannot be carried back.

(7) The tax credit allowed under this section is subject to section 77-3120 .