Section 15-4-3603 - New market tax credit(a) A corporation, limited liability company, association, partnership, or other business entity that makes a qualified equity investment earns a vested right to a tax credit against state premium tax liability.(b) The tax credit established under subsection (a) of this section may be utilized as follows: (1) On each credit allowance date of the qualified equity investment, the corporation, limited liability company, association, partnership, or other business entity or the subsequent holder of the qualified equity investment may utilize a portion of the tax credit during the taxable year that includes the credit allowance date;(2) The tax credit amount shall be equal to the applicable percentage for the credit allowance date multiplied by the purchase price paid to the issuer of the qualified equity investment;(3) The amount of the tax credit claimed by a corporation, limited liability company, association, partnership, or other business entity shall not exceed the state premium tax liability owed by the taxpayer that files the premium tax report for the tax year for which the tax credit is claimed; and(4) The tax credit is payable only from the general revenues derived from the nonallocated portion of the state premium tax liability funds as described in § 26-57-611.(c) Any unused portion of a tax credit established under this section may be carried forward for nine (9) consecutive tax years.Added by Act 2013, No. 1474,§ 1, eff. 4/22/2013.