(a) Rate.--The tax credit shall be equal to $0.05 per gallon of milk purchased and produced from sources exclusively within this Commonwealth and processed at the project facility by a qualified taxpayer.
(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 milk purchased and processed 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 milk purchased and processed 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 milk purchased and processed at the project facility in the prior calendar year.
(d) Availability of tax credits.-- (1) Each fiscal year, $15,000,000 in tax credits shall be made available to the department in accordance with this subarticle.
(2) The department shall issue up to $15,000,000 in tax credits in a fiscal year to the qualified taxpayer which first meets the qualifications to receive a tax credit under this subarticle.
(3) An amount under paragraph (1) which remains unallocated under paragraph (2) shall be issued to the qualified taxpayer which next meets the qualifications to receive a tax credit under this subarticle.
(4) The total aggregate amount of tax credits awarded to a qualified taxpayer under this subarticle may not exceed 25% of the capital investment made to construct a project facility and place the project facility into service in this Commonwealth.
Credits
1971, March 4, P.L. 6, No. 2, art. XVII-L, § 1733-L, added 2022, Nov. 3, P.L. 1695, No. 108, § 16, effective in 60 days [Jan. 3, 2023].
72 P.S. § 8733-L, PA ST 72 P.S. § 8733-L
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
