Nonrefundable tax credit for employment of a person who is homeless.
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(1) As used in this section:
(a) "Eligible employer" means a person who receives a tax credit certificate from the Department of Workforce Services in accordance with Title 35A, Chapter 5, Part 3, Tax Credit for Employment of Persons Who Are Homeless Act.
(b) "Person who is homeless" is as defined in Section 35A-5-302.
(2) Subject to the other provisions of this section, an eligible employer that is a claimant, estate, or trust may claim a nonrefundable tax credit as provided in this section against a tax under this chapter.
(3) The tax credit under this section is the amount of tax credit listed on a tax credit certificate that the Department of Workforce Services issues to an employer for a taxable year under Title 35A, Chapter 5, Part 3, Tax Credit for Employment of Persons Who Are Homeless Act.
(4) An eligible employer may carry forward a tax credit under this section for a period that does not exceed the next five taxable years if:
(a) the eligible employer is allowed to claim a tax credit under this section; and
(b) the amount of the tax credit exceeds the eligible employer's tax liability under this chapter for that taxable year.
(5) An eligible employer shall retain a tax credit certificate the eligible employer receives from the Department of Workforce Services for the same time period a person is required to keep books and records under Section 59-1-1406.