Section 1829-G. Tax credit certificates.
(a) Application.--
(1) A business firm may apply to the department for a tax credit certificate under this section for the tax credits that are earned and vested as a result of the business firm's credit-eligible capital contribution.
(2) The application shall be on a form required by the department and shall include the amount of the business firm's credit-eligible capital contribution approved under section 1828-G(b).
(3) The application shall be filed no later than February 1 for credit-eligible capital contributions made in the preceding calendar year.
(b) Review, recommendation and approval.--
(1) The department shall review the credit-eligible capital contributions, verify that the credit-eligible capital contributions were made to an approved rural growth fund with adequate investment authority and approve or disapprove the application within 30 days of receipt of the application for review.
(2) If the department has approved the application, it shall award the business firm a tax credit certificate by April 1.
(2.1) Tax credits awarded under this section to a business firm shall not exceed the amount of the credit-eligible capital contributions made by the business firm. ((2.1) amended June 28, 2019, P.L.50, No.13)
(3) In awarding tax credit certificates under this part, the department:
(i) Beginning with fiscal year 2020-2021, may not award tax credit certificates that would result in the utilization of more than $6,000,000 in tax credits in any fiscal year, except for tax credits carried forward.
(ii) May not award more than $30,000,000 in tax credit certificates, in the aggregate, under this part.
((3) amended July 23, 2020, P.L.665, No.68)
(1829-G added July 13, 2016, P.L.526, No.84)