223—48.15 (303,404A) Tax credits in excess of tax liability.
	 48.15(1) An applicant whose tax credit exceeds the tax liability in the tax year for which the tax credit may be redeemed is entitled to a refund of the excess tax credit with interest under Iowa Code section 422.25. See also administrative rules of the department of revenue, particularly rules 701—42.15(422) and 701—52.18(422).
	 48.15(2) In lieu of a refund, the applicant may have the excess tax credit applied to the tax liability for the following year.