Hello, I am currently filing my taxes for 2022 and noticed that I am eligible for the Aerospace Engineer tax credit. I know that I have to fill out form 564 and send it into the state in order to receive the credit but I was wondering a few things.
1) I was eligible for it last tax year as well but did not know about it, so if I refile my last years, is it possible to either get it applied for last years or forward it to this years taxes? I know you can carry over whatever you didn't use from the previous year, I just wasn't sure how that worked since I would have to go back and refile.
2) Is this tax credit refundable (i.e. do I receive a deposit of $5,000 in my bank after it gets approved and taxes are filed?), or does this just assist in whatever taxes I would have paid for this tax year? (i.e. if I have $2,000 in taxes, does it just cover for the $2,000 and the remaining $3,000 can be put to next tax year?)
I am new to doing taxes so any help would be greatly appreciated.
