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§ 8806-F. Use of tax credits by qualified taxpayers

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: September 9, 2013

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 XVIII-F. Innovate in PA Tax Credit (Refs & Annos)
Effective: September 9, 2013
72 P.S. § 8806-F
§ 8806-F. Use of tax credits by qualified taxpayers
Currentness
(a) Use against insurance premiums tax liability.--A qualified taxpayer that purchases tax credits under section 1805-F1 may claim the credits beginning in calendar year 2017 against insurance premiums tax liability incurred for a taxable year that begins on or after January 1, 2016.
(b) Application to department.--A qualified taxpayer seeking to use purchased tax credits may submit an application to the department in a manner prescribed by the department.
(c) Construction.--The following shall apply:
(1) A qualified taxpayer may not be required to reduce the amount of insurance premiums tax included by the taxpayer in connection with ratemaking for any insurance contract written in this Commonwealth because of a reduction of the taxpayer's insurance premiums tax liability derived from the tax credit purchased under this article.
(2) If, under the insurance laws of this Commonwealth, the assets of the qualified taxpayer are examined or considered, the taxpayer's balance of tax credits shall be treated as an admitted asset subject to the same financial rating as held by the Commonwealth.
(d) Limitations.--The following shall apply:
(1) The total amount of tax credits applied against insurance premiums tax liability by all qualified taxpayers in a fiscal year may not exceed $20,000,000 per year beginning in calendar year 2017.
(2) The credit to be applied in any one year may not exceed the insurance premiums tax liability of the qualified taxpayer for that taxable year.

Credits

1971, March 4, P.L. 6, No. 2, art. XVIII-F, § 1806-F, added 2013, July 9, P.L. 270, No. 52, § 32, effective in 60 days [Sept. 9, 2013].

Footnotes

1
72 P.S. § 8805-F.
72 P.S. § 8806-F, PA ST 72 P.S. § 8806-F
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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