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§ 8708-K. Limitations

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 8, 2022

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-K. Waterfront Development Tax Credit (Refs & Annos)
Effective: July 8, 2022
72 P.S. § 8708-K
§ 8708-K. Limitations
Currentness
The following limitations shall apply to the tax credits:
(1) No tax credit may exceed 75% of the total contribution made by a business firm during a taxable year.
(2) No tax credit shall be granted to a business firm for activities that are a part of its normal course of business or in which the business firm has a pecuniary interest.
(3) A tax credit not used in the period the contribution or investment was made may be carried over for the next five succeeding calendar or fiscal years until the full credit has been allowed. No business firm may carry back or obtain a refund of an unused tax credit.
<Section 24(4)(x) of Act 2022, July 8, P.L. 513, No. 53, provides that the amendment of par. (4) of this section by that Act shall apply to fiscal years beginning after June 30, 2022.>
(4) The total amount of all tax credits shall not exceed $5,000,000 in any one fiscal year.
(5) In any one fiscal year, the department may not approve more tax credits for contributions made to a waterfront development organization than the total aggregate cost of waterfront development projects approved under section 1705-K(d).1

Credits

1971, March 4, P.L. 6, No. 2, art. XVII-K, § 1708-K, added 2016, July 13, P.L. 526, No. 84, § 33, imd. effective. Amended 2022, July 8, P.L. 513, No. 53, § 12, imd. effective.

Footnotes

1
72 P.S. § 8705-K.
72 P.S. § 8708-K, PA ST 72 P.S. § 8708-K
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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