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§ 20-2004-B. Application by business firms

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 24 P.S. EducationEffective: July 8, 2022

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 24 P.S. Education
Chapter 1. Public School Code of 1949 (Refs & Annos)
Article XX-B. Educational Tax Credits (Refs & Annos)
Effective: July 8, 2022
24 P.S. § 20-2004-B
Formerly cited as PA ST 72 P.S. § 8704-F
§ 20-2004-B. Application by business firms
(a) Scholarship organization, pre-kindergarten scholarship organization or opportunity scholarship organization.--
(1) A business firm shall apply to the department for a tax credit for contributions to a scholarship organization, pre-kindergarten scholarship organization or opportunity scholarship organization under section 2005-B.1
(2) A business firm that intends to apply to the department for a tax credit for contributions for students attending an economically disadvantaged school must submit an application separate from an application for tax credits to another scholarship organization, pre-kindergarten scholarship organization or opportunity scholarship organization. The contribution shall be made to the designated scholarship organization for the economically disadvantaged schools and shall be separately accounted for and distributed by the designated scholarship organization.
(3) A business firm shall receive a tax credit under this article if the scholarship organization, pre-kindergarten scholarship organization or opportunity scholarship organization that receives the contribution appears on the list established under section 2003-B(f), subject to the limitations in sections 2005-B and 2006-B.2
(b) Educational improvement organization.--A business firm must apply to the department for a credit for a contribution to an educational improvement organization under section 2005-B. A business firm shall receive a tax credit under this article if the department has approved the program provided by the educational improvement organization that receives the contribution, subject to the limitations in sections 2005-B and 2006-B.
(c) Availability of tax credits.--Tax credits under this article shall be made available by the department on a first-come, first-served basis within the limitation established under section 2006-B(a).
(d) Contributions.--A contribution by a business firm to a scholarship organization, pre-kindergarten scholarship organization, opportunity scholarship organization or educational improvement organization shall be made no later than 60 days following the approval of an application under subsection (a) or (b). In the event a business firm does not make a minimum of 50% of the full amount of the approved contribution and has not notified the department of the amount of unused contributions within 14 days of approval, the business firm's application may not be approved in the immediately succeeding fiscal year for more than 150% of the actual amount contributed in the previous fiscal year.
(e) Application in the alternative.--At the time of application for an educational improvement or opportunity scholarship tax credit, the department shall advise a business firm that the firm may elect that its application for a particular credit will, in the alternative, be deemed an application received by the department on the same date as the preferred application, but for a different tax credit authorized under this section if the business firm's preferred choice of tax credit is not available. When a business firm does not receive its preferred choice of tax credit, the department shall promptly consider the business firm's application in the alternative for a different tax credit authorized under this section.

Credits

1949, March 10, P.L. 30, No. 14, art. XX-B, § 2004-B, added 2016, July 13, P.L. 716, No. 86, § 13, imd. effective. Amended 2018, June 22, P.L. 241, No. 39, § 15, effective July 1, 2018; 2019, June 28, P.L. 117, No. 16, § 12, effective July 1, 2019; 2022, July 8, P.L. 620, No. 55, § 38, imd. effective.

Footnotes

24 P.S. § 20-2005-B.
24 P.S. §§ 20-2005-B, 20-2006-B.
24 P.S. § 20-2004-B, PA ST 24 P.S. § 20-2004-B
Current through 2022 Regular Session Act 166. Some statute sections may be more current, see credits for details.
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