Section 1707-J. Limitation on tax credits.
(a) Amount.--The total amount of tax credits issued by the department may not exceed $7,500,000 in fiscal year 2016-2017, $10,000,000 in fiscal years 2017-2018 and 2018-2019, $20,000,000 in fiscal years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024 and $55,000,000 annually beginning in the 2024-2025 fiscal year and continuing each fiscal year thereafter. ((a) amended July 11, 2024, P.L.674, No.56)
(b) Proration.--If the total amount of otherwise approvable tax credits applied for by all qualified taxpayers exceeds the amount under subsection (a), the tax credit to be received by each qualified taxpayer shall be the product of the amount under subsection (a) multiplied by the quotient of the tax credits otherwise approvable for the qualified taxpayer divided by the total of all tax credits otherwise approvable for all qualified taxpayers.
(c) Restriction.--Notwithstanding subsection (b), the department may not grant more than 26.5% of the amount under subsection (a) in tax credits to a single eligible facility in any fiscal year. ((c) amended July 11, 2024, P.L.674, No.56)
(d) Exception.--In a fiscal year where the full amount of the tax credit is not utilized due to the restriction in subsection (c), a facility not receiving the full per ton tax credit for which the facility would otherwise be eligible shall be provided, on a prorated basis as described in subsection (b), up to the maximum per ton tax credit amount the facility would otherwise be authorized to receive under this section. ((d) added July 11, 2024, P.L.674, No.56)
(1707-J added July 13, 2016, P.L.526, No.84)
Compiler's Note: Section 30(9) of Act 56 of 2024 provided that the amendment or addition of subsections (a), (c) and (d) shall apply to fiscal years beginning after June 30, 2024.