(a) Rate.--The tax credit shall be equal to $0.47 per unit of dry natural gas that is purchased and used in the manufacturing of petrochemicals or fertilizers at the project facility by a qualified taxpayer.
(b) Application.--
(1) A qualified taxpayer may apply to the department for a tax credit under this section.
(2) The application must be submitted to the department by March 1 for the tax credit claimed for dry natural gas purchased and used in manufacturing of petrochemicals or fertilizers by the qualified taxpayer at the project facility during the prior calendar year.
(3) The application must be on the form required by the department which shall include the following:
(i) information required by the department to document the amount of dry natural gas purchased and used in the manufacture of petrochemicals or fertilizers at the project facility;
(ii) information required by the department to verify that the applicant is a qualified taxpayer; and
(iii) any other information as the department deems appropriate.
(c) Review and approval.--
(1) The department shall review the applications and shall issue an approval or disapproval by May 1.
(2) Upon approval, the department shall issue a certificate stating the amount of tax credit granted for dry natural gas purchased and used in the manufacture of petrochemicals or fertilizers at the project facility in the prior calendar year.
(d) Availability of tax credits.--
(1) Each fiscal year, $56,666,668 in tax credits shall be made available to the department in accordance with this subarticle.
(2) No more than two qualified taxpayers shall receive a tax credit annually, for a maximum credit of $6,666,667 each.
(3) The department shall issue unallocated tax credits to no more than one qualified taxpayer, notwithstanding the maximum credit limit under paragraph (2), if the qualified taxpayer:
(i) has made a total capital investment of at least $1,000,000,000 in order to construct the project facility and place the project facility into service in this Commonwealth;
(ii) has created a minimum aggregate total of 1,800 new jobs and permanent jobs; and
(iii) has satisfied all other eligibility requirements for a qualified taxpayer under this subarticle.
(4) For purposes of paragraph (3), the term “unallocated tax credits” means the difference between tax credits authorized under paragraph (1) and approved under paragraph (2).
Credits
1971, March 4, P.L. 6, No. 2, art. XVII-L, § 1704-L, added 2020, July 23, P.L. 654, No. 66, § 1.1, effective in 60 days [Sept. 21, 2020]. Amended 2021, June 30, P.L. 124, No. 25, § 19.1, imd. effective. Renumbered as § 1713-L and amended by 2022, Nov. 3, P.L. 1695, No. 108, § 8, effective in 60 days [Jan. 3, 2023].
72 P.S. § 8713-L, PA ST 72 P.S. § 8713-L
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
