135.333. Credit exceeding tax due or applied for, refundable, when — effect of assignment, transfer or sale of tax credit.
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135.333. Credit exceeding tax due or applied for, refundable, when — effect of assignment, transfer or sale of tax credit. — 1.
(1)For tax years beginning on or before December 31, 2023, any amount of tax credit which exceeds the tax due or which is applied for and otherwise eligible for issuance but not issued shall not be refunded but may be carried over to any subsequent tax year, not to exceed a total of five years for which a tax credit may be taken for each child adopted.
(2)For all tax years beginning on or after January 1, 2024, any amount of tax credit that is issued and which exceeds the tax due shall be refunded to the taxpayer; however, any tax credits carried forward from tax years beginning on or before December 31, 2023, shall not be refundable.
2. Tax credits that are assigned, transferred or sold as allowed in section 135.327 may be assigned, transferred or sold in their entirety notwithstanding the taxpayer's tax due.
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(L. 1987 S.B. 402 § 6, A.L. 1999 H.B. 316, et al., A.L. 2006 H.B. 1485 merged with S.B. 1229, A.L. 2023 S.B. 24)