Home Table of Contents

§ 8808-F. Sale of tax credits to 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. § 8808-F
§ 8808-F. Sale of tax credits to qualified taxpayers
Currentness
(a) Conduct of sale.--The sale of tax credits authorized under section 1805-F(a)1 shall be conducted in accordance with this section.
(b) Process.--The department may sell the tax credits authorized under this article or may contract with an independent third party to conduct a bidding process among qualified taxpayers to purchase the credits. In raising capital for the program, the department shall have the discretion to distribute credits using a market-driven approach or any approach that maximizes the yield to the Commonwealth.
(c) Application.--A qualified taxpayer seeking to purchase tax credits may apply to the department in the manner prescribed by the department.
(d) Bidding process.--Using procedures adopted by the department or, if applicable, by an independent third party, each qualified taxpayer that submits an application shall make a timely and irrevocable offer, subject only to the department's issuance to the taxpayer of tax credit certificates, to make specified contributions of capital to the department on dates specified by the department.
(e) Contents of offer.--The offer under subsection (d) must include all of the following:
(1) The requested amount of tax credits, which may not be less than $500,000.
(2) The qualified taxpayer's capital contribution for each tax credit dollar requested, which may not be less than the greater of either of the following:
(i) Seventy-five percent of the requested dollar amount of tax credits.
(ii) The percentage of the requested dollar amount of tax credits that the department and, if applicable, the independent third party determines to be consistent with market conditions as of the offer date.
(3) Any other information the department or, if applicable, independent third party requires.
(f) Notice of approval.--Each qualified taxpayer that submits an application under this section shall receive a written notice from the department indicating whether or not it has been approved as a purchaser of tax credits and, if so, the amount of tax credits allocated.
(g) Limitation.--No tax credits may be sold if the bidding process, upon completion, has failed to yield at least $40,000,000 in revenue.

Credits

1971, March 4, P.L. 6, No. 2, art. XVIII-F, § 1808-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. § 8808-F, PA ST 72 P.S. § 8808-F
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document