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

(b)  The individual development accountcontribution tax credit shall be equal to fifty per cent of the amountcontributed by the taxpayer to a fiduciary organization as defined by and inthe manner prescribed in chapter 257.  If a deduction is taken under section170 (with respect to charitable contributions and gifts) of the InternalRevenue Code, no tax credit shall be allowed for that portion of thecontribution for which the deduction was taken.

(c)  If the tax credit under this sectionexceeds the taxpayer's income tax liability, the excess of the tax credit overliability may be used as a credit against the taxpayer's income tax liabilityin 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 thetwelfth month following the close of the taxable year for which the credit maybe claimed.  Failure to comply with the foregoing provision shall constitute awaiver of the right to claim the credit.

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

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