§ 20-2006-B. Limitations
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 24 P.S. EducationEffective: July 8, 2022
Effective: July 8, 2022
24 P.S. § 20-2006-B
Formerly cited as PA ST 72 P.S. § 8706-F
§ 20-2006-B. Limitations
(iv) No less than $12,000,000 of the total aggregate amount shall be used to provide tax credits for contributions from business firms to increase the scholarship or pre-kindergarten scholarship by up to $2,000 or, in the case of a scholarship for a student attending a secondary school, by up to $4,000, for a student attending an economically disadvantaged school, to the extent that the total amount of scholarships, pre-kindergarten scholarships and opportunity scholarships will not exceed the lesser of $8,500 or the school's tuition.
(2) In the case of a credit granted to a pass-through entity which elects to distribute the credit according to section 2005-B(e),1 a tax credit granted for any one taxable year and distributed to a shareholder, member or partner may not exceed the tax liability of the shareholder, member or partner.
(d) Use.--Subject to subsection (d.1), a tax credit not used by the applicant in the taxable year the contribution was made or in the year designated by the shareholder, member or partner to whom the credit was transferred under section 2005-B(e) may not be carried forward or carried back and is not refundable or transferable.
(e) Nontaxable income.--A scholarship from any category of organization received by an eligible student or eligible pre-kindergarten student shall not be considered to be taxable income for the purposes of Article III of the Tax Reform Code of 1971.2
Credits
1949, March 10, P.L. 30, No. 14, art. XX-B, § 2006-B, added 2016, July 13, P.L. 716, No. 86, § 13, imd. effective. Amended 2017, Nov. 6, P.L. 1142, No. 55, § 12, retroactive effective July 1, 2017; 2018, June 22, P.L. 241, No. 39, § 15.1, effective July 1, 2018; 2019, June 28, P.L. 117, No. 16, § 14, effective July 1, 2019; 2020, Nov. 25, P.L. 1294, No. 136, § 6, imd. effective; 2021, June 30, P.L. 158, No. 26, § 6, imd. effective; 2022, July 8, P.L. 620, No. 55, § 40, imd. effective.
24 P.S. § 20-2006-B, PA ST 24 P.S. § 20-2006-B
Current through 2023 Regular Session Act 32. Some statute sections may be more current, see credits for details.
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