(1) Any person subject to a tax under § 19-1502(1)(c) and (d) shall be given a credit in the amount of sixty percent (60%) of the tax liability based upon net income and paid as provided by Chapter 19-2600 of this Title, subject to the provisions of this Section.

(2) The credit provided pursuant to this Section relates to the following tax year:

(a) When a return is made for a fiscal year corresponding to the calendar year, the same calendar year as that which is used as the measuring period for computing net income subject to the tax imposed under Chapter 19-2600 of this Title on which the credit is based.

(b) When a return is made for a fiscal year other than a calendar year, the fiscal year which ends within the calendar year for which the tax imposed under Chapter 19-2600 of this Title is paid, and on which the credit is based.

(3) Nothing in this Section shall permit credits to be charged against any given tax year in excess of the amount of tax due under § 19-1502(1)(c) and (d) for that tax year.