(1) A taxpayer who qualifies for the infrastructure user fee credit may take the full credit for the fees paid. The credit is not to exceed the loan principal paid plus interest.
(2) When claiming the credit, the taxpayer must attach to their tax return a completed copy of Form IUFC, Infrastructure User Fee Credit.
(3) A credit will not be allowed for any infrastructure user fee that was not timely paid.
(4) The credit is nonrefundable. Any excess credit must first be carried back to each of the three preceding taxable periods, reducing the tax liability to zero, and then carried forward to each of the seven taxable periods following the taxable period of the credit. The current year credit must be applied first before any carry back or carry forward will be allowed.