Section 1701-A.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:
"Administering agency." A department, board or commission that administers a tax credit or tax benefit as required by a law of this Commonwealth. The term does not include a keystone innovation zone coordinator under Article XIX-F. (Def. added June 30, 2021, P.L.124, No.25)
"Applicant." A person applying to an administering agency for a tax credit or a tax benefit. (Def. added June 30, 2021, P.L.124, No.25)
"Application." An application submitted to an administering agency by an applicant for a tax credit or tax benefit. The term includes a transfer application and supplemental documentation required to be provided by an applicant, including reports, returns and statements. (Def. added June 30, 2021, P.L.124, No.25)
"Broker." A person that engages in the business of effectuating transactions in tax credits for the account of others, including assisting a taxpayer to apply for, sell, transfer, assign or purchase a tax credit. The term includes an entity and all of the following that perform similar functions for the entity:
(1) A partner, officer or director of the entity.
(2) An affiliate of the entity.
(3) Any other person occupying a similar status of the entity.
(Def. added June 30, 2021, P.L.124, No.25)
"Department." The Department of Revenue of the Commonwealth.
"Person." Any individual, employer, association, fiduciary, partnership, corporation, entity, estate or trust, whether a resident or nonresident of this Commonwealth. (Def. added June 30, 2021, P.L.124, No.25)
"Program year." The annual period in which the tax credit or tax benefit operates. (Def. added June 30, 2021, P.L.124, No.25)
"Recipient." A person that is sold, assigned or transferred a transferrable tax credit. (Def. added June 30, 2021, P.L.124, No.25)
"Tax benefit." For purposes of this article, a tax benefit authorized under any of the following:
(1) Article XVII-A.
(2) Article XVIII-C.
(3) Article XIX-B.
(4) Article XIX-D.
(5) Article XXIX-C.
(6) Article XXIX-D.
(7) The act of October 6, 1998 (P.L.705, No.92), known as the Keystone Opportunity Zone, Keystone Opportunity Expansion Zone and Keystone Opportunity Improvement Zone Act.
(Def. added June 30, 2021, P.L.124, No.25)
"Tax credit." A tax credit authorized under any of the following:
(1) Article XVII-B.
(2) Article XVII-D.
(3) Article XVII-E.
(4) Article XVII-G.
(5) Article XVII-H.
(6) Article XVII-I.
(7) Article XVII-J.
(8) Article XVII-K.
(8.1) Article XVII-L.
(9) Article XVIII.
(10) Article XVIII-B.
(11) Article XVIII-D.
(12) Article XVIII-E.
(13) Article XVIII-F.
(14) Article XVIII-G.
(14.1) Article XVIII-H.
(15) Article XIX-A.
(15.1) Article XIX-C.
(16) Article XIX-E.
(16.1) Article XIX-F.
(17) Section 2010.
(18) ((18) deleted by amendment).
(19) Article XX-B of the act of March 10, 1949 (P.L.30, No.14), known as the Public School Code of 1949.
(20) The act of December 1, 2004 (P.L.1750, No.226), known as the First Class Cities Economic Development District Act.
(21) 12 Pa.C.S. Ch. 34 (relating to Infrastructure and Facilities Improvement Program).
(22) Any other program established by a law of this Commonwealth in which a person applies for and receives a credit against a tax. This paragraph shall not apply to a credit against a tax liability as a result of an overpayment.
(Def. amended June 30, 2021, P.L.124, No.25)
"Taxpayer." A person that was approved for a tax credit or tax benefit or that received a transferrable tax credit by sale, assignment or transfer. (Def. added June 30, 2021, P.L.124, No.25)
"Transfer application." An application submitted to the department or the administering agency by an applicant or a recipient as part of the sale, assignment or transfer of a transferrable tax credit to a recipient. (Def. added June 30, 2021, P.L.124, No.25)
"Transferrable tax credit." A tax credit which may be sold, assigned or transferred from an applicant to a different taxpayer. The term includes a tax credit which may be transferred to a shareholder, member or partner of an applicant. (Def. added June 30, 2021, P.L.124, No.25)
(1701-A.1 added Oct. 30, 2017, P.L.672, No.43)