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§ 8710-K. Pass-through entity

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 13, 2016

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 5. Tax Reform Code of 1971 (Refs & Annos)
Article XVII-K. Waterfront Development Tax Credit (Refs & Annos)
Effective: July 13, 2016
72 P.S. § 8710-K
§ 8710-K. Pass-through entity
Currentness
(a) General rule.--If a pass-through entity has an unused tax credit under section 1707-K,1 the entity may elect, in writing, according to the department's procedures, to transfer all or a portion of the tax credit to shareholders, members or partners in proportion to the share of the entity's distributive income to which the shareholder, member or partner is entitled.
(b) Limitations.--
(1) The credit provided under subsection (a) is in addition to any waterfront development tax credit to which a shareholder, member or partner of a pass-through entity is otherwise entitled under this article. However, a pass-through entity and a shareholder, member or partner of a pass-through entity may not claim a credit under this article for the same waterfront development project.
(2) A shareholder, member or partner of a pass-through entity to whom credit is transferred under subsection (a) must immediately claim the credit in the taxable year in which the transfer is made.
(3) The shareholder, member or partner may not carry forward, carry back, obtain a refund of or sell or assign the credit.

Credits

1971, March 4, P.L. 6, No. 2, art. XVII-K, § 1710-K, added 2016, July 13, P.L. 526, No. 84, § 33, imd. effective.

Footnotes

1
72 P.S. § 8707-K.
72 P.S. § 8710-K, PA ST 72 P.S. § 8710-K
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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