Section 1708-K. Limitations.
The following limitations shall apply to the tax credits:
(1) No tax credit may exceed 75% of the total contribution made by a business firm during a taxable year.
(2) No tax credit shall be granted to a business firm for activities that are a part of its normal course of business or in which the business firm has a pecuniary interest.
(3) A tax credit not used in the period the contribution or investment was made may be carried over for the next five succeeding calendar or fiscal years until the full credit has been allowed. No business firm may carry back or obtain a refund of an unused tax credit.
(4) The total amount of all tax credits shall not exceed $5,000,000 in any one fiscal year. ((4) amended July 8, 2022, P.L.513, No.53)
(5) In any one fiscal year, the department may not approve more tax credits for contributions made to a waterfront development organization than the total aggregate cost of waterfront development projects approved under section 1705-K(d).
(1708-K added July 13, 2016, P.L.526, No.84)
Compiler's Note: Section 24(4)(x) of Act 53 of 2022 provided that the amendment of section 1708-K(4) shall apply to fiscal years beginning after June 30, 2022.