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Community and Economic Development may promulgate any rule or
regulation deemed necessary to expeditiously approve or deny
applications.
Section 6. Use of tax credit.
(a) Rate.--A tax credit may be applied against up to 30% of
the nonparticipant's qualified tax liability incurred while
implementing a microhydropower generator in the taxable year for
which the tax credit was approved.
(b) Carryforward, transfer and refund.--The credit provided
in this section may be carried over or transferred and applied
to no more than two taxable years following the first taxable
year for which the nonparticipant or pass-through entity was
entitled to claim the credit. The credit provided under this
section may not be refunded if not used within the period
provided under this subsection.
(c) Applicability.--The tax credit shall be applied against
the nonparticipant's qualified tax liability only after all
other statutory tax credits and deductions available to the
nonparticipant have been used. Notwithstanding the tax credit
provided in this act, a nonparticipant may be eligible for
grants provided under Federal acts and regulations and grants
provided under acts and regulations of this Commonwealth.
(d) Pass-through entity.--If a tax credit certificate is
issued to a pass-through entity, the pass-through entity may
elect in writing, according to procedures established by the
Department of Community and Economic Development, to transfer
all or a portion of the credit to shareholders, members or
partners in proportion to the share of the entity's distributive
income to which the shareholders, members or partners are
entitled or in any other manner designated by the pass-through
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