(a) Credit allowed. There is allowed or allowable to eligible taxpayers and to persons described in subdivision (4), subsection (b) of this section a credit against the taxes imposed by 11-21-1 et seq. and 11-24-1-1 et seq. of this code.
(b) Amount of credit allowable. The amount of allowable credit under this article is equal to 50 percent of the qualified manufacturing investment, as determined in 11-13LL-5 of this code, for any eligible certificate holder at the time of certification and thereafter for subsequent qualified manufacturing investment made in this state in excess of the amount of the certification. This credit shall reduce the personal income tax imposed under 11-21-1 et seq. of this code and the corporation net income tax imposed under 11-24-1 et seq. of this code and for any eligible certificate holder, subject to the following conditions and limitations:
(1) The amount of credit allowable for any eligible certificate holder is applied as utilized pursuant to subdivisions (2), (3), and (4) of this subsection (b) and any unused credit may be carried forward to subsequent taxable years until the credit is exhausted;