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§ 8738-L. Pass-through entity

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: January 3, 2023

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-L. Pennsylvania Economic Development for a Growing Economy (PA Edge) Tax Credits (Refs & Annos)
Subarticle C. Pennsylvania Milk Processing
Effective: January 3, 2023
72 P.S. § 8738-L
§ 8738-L. Pass-through entity
Currentness
(a) Election.--If a pass-through entity has an unused tax credit, the pass-through entity may elect, in writing, according to procedures established by the department, 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 shareholders, members or partners are entitled.
(b) Limitation.--The same unused tax credit under subsection (a) may not be claimed by:
(1) the pass-through entity; and
(2) a shareholder, member or partner of the pass-through entity.
(c) Amount.--The amount of the tax credit that a transferee under subsection (a) may use against any one qualified tax liability may not exceed 20% of any qualified tax liabilities for the taxable year.
(d) Time.--A transferee under subsection (a) must claim the tax credit in the calendar year in which the transfer is made.
(e) Sale and assignment.--A transferee under subsection (a) may not sell or assign the tax credit.

Credits

1971, March 4, P.L. 6, No. 2, art. XVII-L, § 1738-L, added 2022, Nov. 3, P.L. 1695, No. 108, § 16, effective in 60 days [Jan. 3, 2023].
72 P.S. § 8738-L, PA ST 72 P.S. § 8738-L
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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