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§ 8706-K. Tax credit

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. § 8706-K
§ 8706-K. Tax credit
Currentness
(a) General rule.--A business firm that provides contributions to a waterfront development organization to fund waterfront development projects approved by the department under section 1705-K1 shall receive a tax credit as provided in section 1707-K,2 within the limitations of section 1708-K,3 if the department approves the waterfront development projects. The application must specify the waterfront development organization the contribution is being made to and the waterfront development projects being conducted by the organization.
(b) Rules and regulations.--
(1) The department may promulgate rules and regulations for the approval or disapproval of applications by business firms.
(2) The department shall provide a report listing all applications received and the disposition of the applications in each fiscal year to the General Assembly by October 1 of the following fiscal year. The department's report shall include all taxpayers utilizing the tax credit and the amount of tax credits approved, sold or assigned.
(3) Notwithstanding any law providing for the confidentiality of tax records, the information in the report shall be public information, and all report information shall be posted on the department's publicly accessible Internet website.
(c) Availability of tax credits.--Tax credits shall be made available by the department on a first-come, first-served basis within the limitation established under section 1708-K.
(d) Sale or assignment of tax credits.--
(1) A taxpayer, upon application to and approval by the department, may sell or assign, in whole or in part, a waterfront development tax credit granted to the business firm under this article if no claim for allowance of the credit is filed within one year from the date the credit is granted by the Department of Revenue under section 1707-K. The department and the Department of Revenue shall jointly promulgate guidelines for the approval of applications under this subsection.
(2) The purchaser or assignee of a waterfront development tax credit under subsection (d) shall immediately claim the tax credit in the taxable year in which the purchase or assignment is made.
(3) The purchaser or assignee may not carry over, carry back, obtain a refund of or sell or assign the tax credit.
(4) The purchaser or assignee shall notify the Department of Revenue of the seller or assignor of the waterfront development tax credit in compliance with procedures specified by the Department of Revenue.
(e) Application of tax credit.--The waterfront development tax credit approved by the department shall be applied against the business firm's tax liability for the taxes under section 1707-K for the current taxable year as of the date on which the tax credit was approved before the waterfront development tax credit may be carried over, sold or assigned.

Credits

1971, March 4, P.L. 6, No. 2, art. XVII-K, § 1706-K, added 2016, July 13, P.L. 526, No. 84, § 33, imd. effective.

Footnotes

1
72 P.S. § 8705-K.
2
72 P.S. § 8707-K.
3
72 P.S. § 8708-K.
72 P.S. § 8706-K, PA ST 72 P.S. § 8706-K
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document