Section 1603-W.1. Definitions.
The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Agency." The Pennsylvania Housing Finance Agency.
"Department." The Department of Revenue of the Commonwealth.
"Eligible project." A building or buildings to be constructed, rehabilitated or preserved in a qualified low-income housing project.
"Federal housing tax credit." The Federal tax credit created under section 42 of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 42).
"Fund." The Affordable Housing Tax Credit Program Fund established under section 1606-W.1.
"Pass-through entity." Any of the following:
(1) A partnership as defined in section 301(n.0) of the Tax Reform Code.
(2) A Pennsylvania S corporation as defined in section 301(n.1) of the Tax Reform Code.
(3) An unincorporated entity subject to section 307.21 of the Tax Reform Code.
"Program." The Affordable Housing Tax Credit Program established under section 1604-W.1.
"Qualified low-income housing project." The term shall have the same meaning as provided under section 42(g)(1) of the Internal Revenue Code of 1986.
"Qualified tax liability." The tax liability imposed on a taxpayer under Article III, IV, VI, VII, VIII, IX, XI or XV of the Tax Reform Code, excluding any tax withheld by an employer under Article III of the Tax Reform Code.
"Qualified taxpayer." Any natural person, business firm, corporation, business trust, limited liability company, partnership, limited liability partnership, association or any other form of legal business entity that:
(1) is subject to a tax imposed under Article III, IV, VI, VII, VIII, IX, XI or XV of the Tax Reform Code, excluding any tax withheld by an employer under Article III of the Tax Reform Code; and
(2) meets the criteria provided in guidelines established by the agency.
"Tax credit." The affordable housing tax credit established under this article.
"Tax credit certificates." The document provided by the agency to the qualified taxpayer evidencing the allocation of tax credits under section 1607-W.1.
"Tax Reform Code." The act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971.
(1603-W.1 added Nov. 12, 2025, P.L.156, No.45)