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§ 8717-L. Purchasers and assignees

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: January 3, 2023

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-L. Pennsylvania Economic Development for a Growing Economy (PA Edge) Tax Credits (Refs & Annos)
Subarticle B. Local Resource Manufacturing (Refs & Annos)
Effective: January 3, 2023
72 P.S. § 8717-L
Formerly cited as PA ST 72 P.S. § 8708-L
§ 8717-L. Purchasers and assignees
Currentness
(a) Time.--The purchaser or assignee under section 1716-L1 must claim the tax credit in the calendar year in which the purchase or assignment is made.
(b) Amount.--The amount of the tax credit that a purchaser or assignee under section 1716-L may use against any one qualified tax liability may not exceed 50% of any of the qualified tax liabilities of the purchaser or assignee for the taxable year.
(c) Resale and assignment.--
(1) A purchaser under section 1716-L may not sell or assign the purchased tax credit.
(2) An assignee under section 1716-L may not sell or assign the assigned tax credit.
(d) Notice.--The purchaser or assignee under section 1716-L shall notify the department of the seller or assignor of the tax credit in compliance with procedures specified by the department.

Credits

1971, March 4, P.L. 6, No. 2, art. XVII-L, § 1708-L, added 2020, July 23, P.L. 654, No. 66, § 1.1, effective in 60 days [Sept. 21, 2020]. Renumbered as § 1717-L and amended by 2022, Nov. 3, P.L. 1695, No. 108, § 11, effective in 60 days [Jan. 3, 2023].

Footnotes

1
72 P.S. § 8716-L.
72 P.S. § 8717-L, PA ST 72 P.S. § 8717-L
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document