Section 1776-L. Sale or assignment.
(a) Authorization.--If the qualified taxpayer holds a tax credit through the end of the calendar year in which the tax credit was granted, the qualified taxpayer may sell or assign a tax credit, in whole or in part, provided the sale is effective by the close of the following calendar year.
(b) Application.--
(1) To sell or assign a tax credit, a qualified taxpayer must file an application for the sale or assignment of the tax credit with the department. The application must be on a form required by the department.
(2) To approve an application, the department must receive:
(i) a finding from the department that the applicant has:
(A) filed all required State tax reports and returns for all applicable taxable years; and
(B) paid any balance of State tax due as determined by assessment or determination by the department and not under timely appeal; and
(ii) for a sale or assignment to a company that is not an upstream company or downstream company, a certification from the qualified taxpayer that the qualified taxpayer has offered to sell or assign the tax credit:
(A) exclusively to a downstream company for a period of 30 days following approval of the tax credit under section 1773-L(c); and
(B) to an upstream company or downstream company for a period of 30 days following expiration of the period under clause (A).
(c) Approval.--Upon approval by the department, a qualified taxpayer may sell or assign, in whole or in part, a tax credit.
(1776-L added Nov. 3, 2022, P.L.1695, No.108)