[§235-5.6]  Individual development account
contribution tax credit.  (a)  There shall be allowed to each taxpayer
subject to the tax imposed under this chapter, an individual development
account contribution tax credit certified under chapter 257 which shall be
applied against the taxpayer's net income tax liability, if any, imposed by
this chapter for the taxable year in which the credit is properly claimed.



(b)  The individual development account
contribution tax credit shall be equal to fifty per cent of the amount
contributed by the taxpayer to a fiduciary organization as defined by and in
the manner prescribed in chapter 257.  If a deduction is taken under section
170 (with respect to charitable contributions and gifts) of the Internal
Revenue Code, no tax credit shall be allowed for that portion of the
contribution for which the deduction was taken.



(c)  If the tax credit under this section
exceeds the taxpayer's income tax liability, the excess of the tax credit over
liability may be used as a credit against the taxpayer's income tax liability
in subsequent years until exhausted.  All claims, including any amended claims,
for tax credits under this section shall be filed on or before the end of the
twelfth month following the close of the taxable year for which the credit may
be claimed.  Failure to comply with the foregoing provision shall constitute a
waiver of the right to claim the credit.



(d)  Application for the credit under this
section shall be upon forms provided by the department.



(e)  The credit under this section shall be
available for taxable years beginning after December 31, 1999, but shall not be
available for taxable years beginning after December 31, 2004. [L 2000, c 184,
§1]