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§ 8718-D. 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-D. Entertainment Production Tax Credit (Refs & Annos)
Subarticle B. Film Production (Refs & Annos)
Effective: July 13, 2016
72 P.S. § 8718-D
Formerly cited as PA ST 72 P.S. § 8709-D
§ 8718-D. Pass-through entity
Currentness
(a) General rule.--If a pass-through entity has any unused tax credit under section 1714-D,1 it may elect in writing, according to procedures established by the Department of Revenue, to transfer all or a portion of the 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) Limitation.--A pass-through entity and a shareholder, member or partner of a pass-through entity shall not claim the credit under subsection (a) for the same qualified film production expense.
(c) Application.--A shareholder, member or partner of a pass-through entity to whom a credit is transferred under subsection (a) shall immediately claim the credit in the taxable year in which the transfer is made. 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-D, § 1709-D, added 2007, July 25, P.L. 373, No. 55, § 7, imd. effective. Renumbered as § 1718-D and amended 2016, July 13, P.L. 526, No. 84, § 29, imd. effective.

Footnotes

1
72 P.S. § 8714-D.
72 P.S. § 8718-D, PA ST 72 P.S. § 8718-D
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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