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§ 8829-G. Tax credit certificates

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: September 21, 2020

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-G. Manufacturing and Investment Tax Credit (Refs & Annos)
Part II. Rural Jobs and Investment Tax Credit
Effective: September 21, 2020
72 P.S. § 8829-G
§ 8829-G. Tax credit certificates
Currentness
(a) Application.--
(1) A business firm may apply to the department for a tax credit certificate under this section for the tax credits that are earned and vested as a result of the business firm's credit-eligible capital contribution.
(2) The application shall be on a form required by the department and shall include the amount of the business firm's credit-eligible capital contribution approved under section 1828-G(b).1
(3) The application shall be filed no later than February 1 for credit-eligible capital contributions made in the preceding calendar year.
(b) Review, recommendation and approval.--
(1) The department shall review the credit-eligible capital contributions, verify that the credit-eligible capital contributions were made to an approved rural growth fund with adequate investment authority and approve or disapprove the application within 30 days of receipt of the application for review.
(2) If the department has approved the application, it shall award the business firm a tax credit certificate by April 1.
(2.1) Tax credits awarded under this section to a business firm shall not exceed the amount of the credit-eligible capital contributions made by the business firm.
(3) In awarding tax credit certificates under this part, the department:
(i) Beginning with fiscal year 2020-2021, may not award tax credit certificates that would result in the utilization of more than $6,000,000 in tax credits in any fiscal year, except for tax credits carried forward.
(ii) May not award more than $30,000,000 in tax credit certificates, in the aggregate, under this part.

Credits

1971, March 4, P.L. 6, No. 2, art. XVIII-G, § 1829-G, added 2016, July 13, P.L. 526, No. 84, § 38.1, imd. effective. Amended 2019, June 28, P.L. 50, No. 13, § 19, effective July 1, 2019; 2020, July 23, P.L. 665, No. 68, § 5, effective in 60 days [Sept. 21, 2020].

Footnotes

1
72 P.S. § 8828-G.
72 P.S. § 8829-G, PA ST 72 P.S. § 8829-G
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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