[§235D-3]  No refund; failure to file.  If the amount of the tax credit claimed in any year exceeds the total of the taxpayer's net income tax liability, general excise tax, transient accommodations tax, or public service company tax payable for that taxable year, the excess of credit over liability shall not be refunded to the taxpayer.  All claims for a tax credit under this chapter shall be filed on or before the end of the twelfth month following the close of the initial taxable year for which the credit may be claimed.  Failure to comply with this section shall constitute a waiver of the right to claim the credit. [L 1999, c 306, pt of §1]