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§ 8707-J. Limitation on tax credits

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: August 27, 2019

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-J. Coal Refuse Energy and Reclamation Tax Credit (Refs & Annos)
Effective: August 27, 2019
72 P.S. § 8707-J
§ 8707-J. Limitation on tax credits
Currentness
(a) Amount.--The total amount of tax credits issued by the department may not exceed $7,500,000 in fiscal year 2016-2017, $10,000,000 in fiscal years 2017-2018 and 2018-2019 and $20,000,000 in each fiscal year thereafter.
(b) Proration.--If the total amount of otherwise approvable tax credits applied for by all qualified taxpayers exceeds the amount under subsection (a), the tax credit to be received by each qualified taxpayer shall be the product of the amount under subsection (a) multiplied by the quotient of the tax credits otherwise approvable for the qualified taxpayer divided by the total of all tax credits otherwise approvable for all qualified taxpayers.
(c) Restriction.--Notwithstanding subsection (b), the department may not grant more than 22.2% of the amount under subsection (a) in tax credits to a single eligible facility in any fiscal year.

Credits

1971, March 4, P.L. 6, No. 2, art. XVII-J, § 1707-J, added 2016, July 13, P.L. 526, No. 84, § 33, imd. effective. Amended 2019, June 28, P.L. 50, No. 13, § 16, effective in 60 days [Aug. 27, 2019].
72 P.S. § 8707-J, PA ST 72 P.S. § 8707-J
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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