(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 return a completed copy of the form provided by the department. This form must be certified by the county, verifying the amount of the infrastructure user fee paid and that the fee has been paid timely.

(3) A credit will not be allowed for any infrastructure user fee that was not timely paid.

(4) The credit is non-refundable. 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 credit cannot be carried back to any tax years beginning prior to January 1, 1995.