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§ 8708-G. Pass-through entity

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 2, 2012

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-G. Resource Manufacturing Tax Credit (Refs & Annos)
Effective: July 2, 2012
72 P.S. § 8708-G
§ 8708-G. Pass-through entity
Currentness
(a) Election.--If a pass-through entity has an unused tax credit, it may elect in writing, according to procedures established by the department, to transfer all or a portion of the credit to shareholders, members or partners in proportion to the share of the entity's distributive income to which the shareholders, members or partners are entitled.
(b) Limitation.--The same unused tax credit under subsection (a) may not be claimed by:
(1) the pass-through entity; and
(2) a shareholder, member or partner of the pass-through entity.
(c) Amount.--The amount of the tax credit that a transferee under subsection (a) may use against any one qualified tax liability may not exceed 20% of any qualified tax liabilities for the taxable year.
(d) Time.--A transferee under subsection (a) must claim the tax credit in the calendar year in which the transfer is made.
(e) Sale and assignment.--A transferee under subsection (a) may not sell or assign the tax credit.

Credits

1971, March 4, P.L. 6, No. 2, art. XVII-G, § 1708-G, added 2012, July 2, P.L. 751, No. 85, § 19, imd. effective.
<See 72 P.S. § 8711-G for expiration of Article XVII-G.>
72 P.S. § 8708-G, PA ST 72 P.S. § 8708-G
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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