Section 1830-G. Claiming the tax credit.
(a) Presentation.--
(1) Beginning July 1, 2020, with respect to program one tax credit authority, upon presenting a tax credit certificate to the Department of Revenue, a business firm may claim a tax credit of up to 20% of the amount awarded under section 1829-G for each of the taxable years that includes the third, fourth, fifth, sixth and seventh anniversaries of the closing date, exclusive of any tax credit amounts carried over under section 1831-G(b).
(2) Beginning July 1, 2024, with respect to program two tax credit authority, upon presenting a tax credit certificate to the Department of Revenue, a business firm may claim a tax credit of up to 20% of the amount awarded under section 1829-G for each of the taxable years that includes the third, fourth, fifth, sixth and seventh anniversaries of the closing date, exclusive of any tax credit amounts carried over under section 1831-G(b).
((a) amended July 11, 2024, P.L.674, No.56)
(b) Allowance.--The Department of Revenue shall allow a tax credit against any tax due under Article VII, VIII, IX or XV, the tax under Article XVI of the act of May 17, 1921 (P.L.682, No.284), known as The Insurance Company Law of 1921, amounts imposed under section 212 of the act of May 17, 1921 (P.L.789, No.285), known as The Insurance Department Act of 1921, any retaliatory taxes imposed by this Commonwealth or any tax substituted in lieu of one of the taxes under this subsection.
(1830-G amended July 23, 2020, P.L.665, No.68)
Compiler's Note: Section 30(10) of Act 56 of 2024 provided that the amendment of section 1830-G shall apply to fiscal years beginning after June 30, 2024.