TAX CREDITS
- (a) If the projects of a business firm or a neighborhood organization have been approved, the Department of Revenue will grant a tax credit against tax which may be due from a business firm under Article IV, VI—X or XIII—XVI of the Tax Reform Code of 1971 (72 P. S. § § 7401—7412, 7601—8006 or 8301—8632).
- (b) A business firm which administers or contributes to an approved project may not receive more than $250,000 tax credit annually.
- (c) Tax credits will not be given to a business firm whose contributions are granted for activities that are a part of its normal course of business.
- (d) A tax credit not used in the period the investment or the contribution was made may be carried over the next 5 succeeding calendar or fiscal years until the full credit has been allowed if the certification for credit has been requested through the Department within 6 months after the end of the Commonwealth’s fiscal year for which the project was approved.
- (e) Approval for the allowance of tax credits will be granted to business firms and neighborhood organizations for 1 year only. Future tax credits will depend on the project being reapproved in a subsequent year.
- (f) No credit will be given for funds expended or contributions received prior to the date of approval by the Secretary.
Source
The provisions of this § 135.41 amended May 15, 1981, effective May 16, 1981, 11 Pa.B. 1647; amended March 4, 1988, effective March 5, 1988, 18 Pa.B. 937. Immediately preceding text appears at serial pages (62208) to (62209).