No. The total credits used for the fiscal year are the totals of credit claimed. Some of the credit carried over into the fiscal year may be claimed for the fiscal year, but the credit claimed may also include credits newly earned by the taxpayers during the fiscal year. If the tax available for offset is less than the amount of credit available (carryover credit or newly earned credit), the amount of credit in excess of the tax due either expires or is carried forward based upon provisions in the law.
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