Under a law enacted in November to provide pandemic-related tax relief, businesses can carry forward unused educational improvement tax credits and opportunity scholarship tax credits awarded during fiscal years 2020-2021 and 2021-2022, the bulletin said. While a business entity can carry credits forward, its owners cannot carry forward any credits passed through to them, according to the bulletin.
The amount of tax credits that are carried forward won't reduce the amount of credits that a business can apply for in future years, the bulletin said.
--Editing by Vincent Sherry.
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