(a) General rule.--If a recipient cannot use the entire amount of a tax credit for the taxable year in which the tax credit is first approved, the excess may be carried over to succeeding taxable years and used as a tax credit against the qualified tax liability of the recipient for those taxable years. Each time the tax credit is carried over to a succeeding taxable year, the tax credit shall be reduced by the amount that was used as a credit during the immediately preceding taxable year. The tax credit may be carried over and applied to succeeding taxable years for no more than three taxable years following the first taxable year for which the recipient was entitled to claim the tax credit.

(b) Application.--A tax credit approved by the department in a taxable year first shall be applied against the recipient's qualified tax liability for the current taxable year as of the date on which the tax credit was approved before the tax credit can be applied against tax liability under subsection (a).

(c) No carryback or refund.--A recipient shall not be entitled to carry back or obtain a refund of any portion of an unused tax credit granted to the recipient under this subarticle.

(d) Sale or assignment.--The following shall apply:

(e) Purchasers and assignees.--The following apply:

(f) Exception.--Notwithstanding any other provision of law to the contrary, a recipient which held a rehearsal after January 1, 2017, but before October 1, 2018, may use the tax credit granted to the recipient under this subarticle against the recipient's 2018 qualified tax liability or may sell or assign the tax credit granted to the recipient under this subarticle upon satisfaction of the recipient's 2018 qualified tax liability.