H2358B3226A05297 SFR:CDM 06/27/24 #90 A05297
AMENDMENTS TO HOUSE BILL NO. 2358
Sponsor: REPRESENTATIVE KEPHART
Printer's No. 3226
Amend Bill, page 1, line 11, by striking out the period after
"certificates" and inserting
and for carryover, carryback and assignment of credit.
Amend Bill, page 1, lines 14 through 16, by striking out all
of said lines and inserting
Section 1. Sections 1703-H(b)(2.3) and (5)(i) and 1705-H(d)
and (e) of the act of March 4, 1971 (P.L.6, No.2), known as the
Tax Reform Code of 1971, are amended to read:
Amend Bill, page 2, by inserting between lines 12 and 13
Section 1705-H. Carryover, carryback and assignment of credit.
* * *
[(d) Sale or assignment.--The following shall apply:
(1) A qualified taxpayer or a purchaser or assignee of a
tax credit obtained under section 1703-H or a shareholder,
member or partner of a pass-through entity that was
transferred the tax credit or a portion of the tax credit
from such pass-through entity subject to section 1706-H, upon
application to and approval by the Department of Community
and Economic Development, may sell or assign, in whole or in
part, a tax credit granted to the qualified taxpayer under
this article.
(2) Before an application is approved, the department
must find that the applicant has filed all required State tax
reports and returns for all applicable taxable years and paid
any balance of State tax due as determined at settlement,
assessment or determination by the department.
(e) Purchasers and assignees.--
(1) If a purchaser or assignee of all or a portion of a
tax credit obtained under section 1703-H cannot use the
entire amount of the tax credit for the taxable year in which
the tax credit was purchased or assigned, the excess may be
carried over to succeeding taxable years and used as a credit
against the qualified tax liability of the purchaser or
assignee for those taxable years.
(2) Each time a tax credit is carried over to a
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succeeding taxable year, the tax credit shall be reduced by
the amount that was used as a credit during the immediately
preceding taxable year.
(3) The tax credit may be carried over and applied to
succeeding taxable years for not more than seven taxable
years following the first taxable year for which the
qualified taxpayer was entitled to claim the credit.
(4) The purchaser or assignee may not carry back the
credit or obtain a refund.]
Amend Bill, page 2, by inserting between lines 15 and 16
Section 3. The amendment of section 1705-H(d) and (e) of the
act shall apply after December 31, 2024.
Amend Bill, page 2, line 16, by striking out "3" and
inserting
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