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§ 8736-L. Sale or assignment

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 C. Pennsylvania Milk Processing
Effective: January 3, 2023
72 P.S. § 8736-L
§ 8736-L. Sale or assignment
Currentness
(a) Authorization.--If the qualified taxpayer holds a tax credit through the end of the calendar year in which the tax credit was granted, the qualified taxpayer may sell or assign a tax credit, in whole or in part, provided the sale is effective by the close of the following calendar year.
(b) Application.--
(1) To sell or assign a tax credit, a qualified taxpayer must file an application for the sale or assignment of the tax credit with the department. The application must be on a form required by the department.
(2) To approve an application, the department must receive:
(i) a finding from the department that the applicant has:
(A) filed all required State tax reports and returns for all applicable taxable years; and
(B) paid any balance of State tax due as determined by assessment or determination by the department and not under timely appeal; and
(ii) for a sale or assignment to a company that is not an upstream company or downstream company, a certification from the qualified taxpayer that the qualified taxpayer has offered to sell or assign the tax credit:
(A) exclusively to a downstream company for a period of 30 days following approval of the tax credit under section 1733-L(c);1 and
(B) to an upstream company or downstream company for a period of 30 days following expiration of the period under clause (A).
(c) Approval.--Upon approval by the department, a qualified taxpayer may sell or assign, in whole or in part, a tax credit.

Credits

1971, March 4, P.L. 6, No. 2, art. XVII-L, § 1736-L, added 2022, Nov. 3, P.L. 1695, No. 108, § 16, effective in 60 days [Jan. 3, 2023].

Footnotes

1
72 P.S. § 8733-L.
72 P.S. § 8736-L, PA ST 72 P.S. § 8736-L
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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