Sec. 22. (a) A credit to which a taxpayer is entitled under this chapter shall be applied against taxes owed by the taxpayer in the following order: (1) Against the taxpayer's adjusted gross income tax liability ( IC 6-3-1 through IC 6-3-7 ) for the taxable year. (2) Against the taxpayer's insurance premiums tax liability ( IC 27-1-18-2 ) or nonprofit agricultural organization health coverage tax ( IC 6-8-15 ) for the taxable year. (3) Against the taxpayer's financial institutions tax ( IC 6-5.5 ) for the taxable year. (b) Whenever the tax paid by the taxpayer under any of the tax provisions listed in subsection (a) is a credit against the liability or a deduction in determining the tax base under another Indiana tax provision, the credit or deduction shall be computed without regard to the credit to which a taxpayer is entitled under this chapter.
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