(a) Payment of capital.--Capital committed by a qualified taxpayer shall be paid to the department for deposit into the fund. Nothing under this section shall prohibit the department from establishing an installment payment schedule for capital payments to be made by the qualified taxpayer.
(b) Issuance of tax credit certificates.--On receipt of payment of capital, the department shall issue to each qualified taxpayer a tax credit certificate representing a fully vested credit against insurance premiums tax liability.
(c) Certificate issued in accordance with bidding process.--The department shall issue tax credit certificates to qualified taxpayers in accordance with the bidding process selected by the department or the independent third party.
(d) Contents.--The tax credit certificate shall state all of the following:
(1) The total amount of premiums tax credits that the qualified taxpayer may claim.
(2) The amount of capital that the qualified taxpayer has contributed or agreed to contribute in return for the issuance of the tax credit certificate.
(3) The dates on which the tax credits will be available for use by the qualified taxpayer.
(4) Any penalties or other remedies for noncompliance.
(5) The procedures to be used for transferring the tax credits.
(6) Any other requirements the department considers necessary.
Credits
1971, March 4, P.L. 6, No. 2, art. XVIII-F, § 1809-F, added 2013, July 9, P.L. 270, No. 52, § 32, effective in 60 days [Sept. 9, 2013].
72 P.S. § 8809-F, PA ST 72 P.S. § 8809-F
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
