(a) The amount determined under 11-13KK-3 is allowed as a credit against 100 percent of that portion of the taxpayers state tax liability which is attributable to and the direct result of the taxpayers qualified investment and applied as provided in subsections (b) and (c), both inclusive of this section, and in that order.
(b) Corporation net income taxes.
(1) That portion of the allowable credit attributable to qualified investment in a small arms and ammunition manufacturing facility may be applied to reduce the taxes imposed by 11-24-1 et seq. of this code for the taxable year as determined before application of allowable credits against tax.