TIR-5 - Prior Year Credit Carryover

The credit carryover from prior years is credit that taxpayers created in earlier fiscal years that remains available for taxpayers to potentially claim against the tax they owe in the current fiscal year.  For example, unused job tax credits may generally be carried forward for up to 15 years.  The credit is used to satisfy the tax due the state.  If the tax due is less than the amount of job tax credit available, the amount of credit in excess of the tax due either expires or is carried forward based upon provisions in the law.