Current through Register Vol. 54, No. 45, November 9, 2024
(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.The provisions of this §135.41 amended May 15, 1981, effective 5/16/1981, 11 Pa.B. 1647; amended March 4, 1988, effective 3/5/1988, 18 Pa.B. 937.