§ 8759-D. Pass-through entity
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 13, 2016
Effective: July 13, 2016
72 P.S. § 8759-D
§ 8759-D. Pass-through entity
<Section 51(6) of Act 2016, July 13, P.L. 526, No. 84, provides that the addition of Subarticles C and D of Article XVII-D by that Act shall apply to fiscal years beginning after June 30, 2016.>
(a) General rule.--If a pass-through entity has an unused tax credit under section 1755-D,1 it may elect in writing, according to procedures established by the Department of Revenue, to transfer all or a portion of the tax credit to shareholders, members or partners in proportion to the share of the entity's distributive income to which the shareholder, member or partner is entitled.
(c) Application.--A shareholder, member or partner of a pass-through entity to whom a tax credit is transferred under subsection (a) shall immediately claim the tax credit in the taxable year in which the transfer is made. The shareholder, member or partner may not carry forward, carry back, obtain a refund of or sell or assign the tax credit.
Credits
1971, March 4, P.L. 6, No. 2, art. XVII-D, § 1759-D, added 2016, July 13, P.L. 526, No. 84, § 30, imd. effective.
Footnotes
72 P.S. § 8755-D.
72 P.S. § 8759-D, PA ST 72 P.S. § 8759-D
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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