(1) An airport land development zone employer shall notify the department and the Department of Revenue of the airport land development zone employer's qualification for a tax credit under this section by February 15 for tax credits earned during a taxable year ending in the prior calendar year.

(2) The notification under paragraph (1) shall contain the following:

(3) To qualify for the credit, the Department of Revenue must certify that the airport land development zone employer is current with all tax liabilities.

(4) By May 15 of each year, the department shall send the airport land development zone employer who submitted the notification a certificate of the airport land development zone employer's qualification for the credit. The airport land development zone employer shall present the certificate to the Department of Revenue when filing the airport land development zone employer's return claiming the credit.

(1) If the airport land development zone employer is entitled to a credit in any year that exceeds the airport land development zone employer's qualified tax liability for that year, upon application to and approval by the department, an airport land development zone employer that has been awarded a tax credit may sell or assign, in whole or in part, the tax credit granted to the airport land development zone employer. The application must be on the form required by the department and must include or demonstrate all of the following:

(2) The department shall review the application and, if all requirements have been met, approve the application and notify the Department of Revenue.

(3) The purchaser or assignee of all or a portion of an airport land development zone tax credit under this section shall claim the credit in the taxable year in which the purchase or assignment is made. The purchaser or assignee of a tax credit may use the tax credit against any tax liability of the purchaser or assignee under Article III, IV, VII, VIII or XV,¹ excluding any tax withheld by an employer under Article III. The amount of the tax credit used may not exceed 75% of the purchaser's or assignee's tax liability for the taxable year. The purchaser or assignee may not carry over, carry back, obtain a refund of or assign the airport land development zone credit. The purchaser or assignee shall notify the department and the Department of Revenue of the seller or assignor of the airport land development zone tax credit in compliance with procedures specified by the department.

(1) An airport land development zone employer may earn the tax credit allowed under this article in any tax year beginning in 2022 and for a period of up to 10 tax years during the 20-year period beginning July 1, 2022, and ending June 30, 2041.

(2) An airport land development zone employer may carry forward for up to 10 years a tax credit earned under this article:

(3) Tax credits carried forward under paragraph (2) shall be used on a first-in, first-out basis.

(1) If an airport land development zone employer is a pass-through entity and has an unused tax credit under subsection (c), (d) or (e), the airport land development zone employer 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.

(2) An airport land development zone employer that is a pass-through entity and a shareholder, member or partner of that airport land development zone employer may not both claim the airport land development zone tax credit earned by the airport land development zone employer for any tax year.

(3) A shareholder, member or partner of an airport land development zone employer that is a pass-through entity to whom a credit is transferred under this subsection shall immediately claim the credit in the taxable year in which the transfer is made.

(1) A company which receives airport land development zone tax credits and fails to substantially maintain the operations related to the airport land development zone tax credits in this Commonwealth for a period of five years from the date the company first submits an airport land development zone tax credit certificate to the Department of Revenue shall be required to refund to the Commonwealth the total amount of credits granted.

(2) The department may waive the penalty under paragraph (1) if it is determined that a company's operations were not maintained or the new jobs were not created because of circumstances beyond the company's control. Circumstances shall include natural disasters, unforeseen industry trends or a loss of a major supplier or market.