Current through Register Vol. 54, No. 45, November 9, 2024
Section 73.54 - Report applying for tax creditA taxpayer desiring to claim a tax credit or credits under this act shall from time to time, in accordance with regulations promulgated by the Secretary, report to the Secretary the nature, amounts and dates of qualifying capital expenditure made by him and other information the Secretary shall require. If satisfied as to the correctness of the report, the Secretary shall issue to the taxpayer a certificate establishing the amount of qualifying capital expenditures made by the taxpayer and included within the report.
(1) Effective September 30, 1974, a taxpayer may no less than 4 weeks prior to making a commitment of expenditures regarding a qualifying capital expenditure notify the Secretary in writing by personal delivery or certified mail, of the renewal or improvement intended to be made and fully describe the same. The Secretary may, at his discretion, cause an examination to be made of the taxpayer's capital facilities to ascertain what renewal and improvement, or either, of the capital facilities is intended. No report provided for in this subchapter or the act may be made or submitted by a taxpayer, nor may a tax credit for any renewal and improvement of the capital facilities be allowed, nor may a certificate establishing an amount of qualifying capital expenditures be made or tax credit allowed, whichever shall in the Secretary's discretion be applicable, unless the foregoing written notification has been submitted by the taxpayer.(2) When the amounts paid, as defined in this chapter, shall be for the purchase of items of plant, machinery and equipment, as defined in this chapter or in the act, the taxpayer shall within 30 days after completion of the construction or installation of these items of plant, machinery or equipment, deliver to the Secretary, in writing, by personal delivery or certified mail, notice of the completion or installation. The Secretary, at his discretion, may cause an inspection to be made of the taxpayer's capital facilities to determine that the construction or installation has been completed and the plant, machinery or equipment has been placed into use or a valid reason for nonuse, and withhold the application of any tax credit or the issuance of a certificate provided for in this section until such construction or installation has been fully completed.(3) Every report provided for in this section or in the act shall include and have attached thereto a full description of the items of plant, machinery or equipment, which is the subject matter of the report and which is concerned in any claim for a tax credit, including in detail the nature, amounts and dates of the qualifying capital expenditures made by the taxpayer, together with a written and signed statement, by the taxpayer or an officer thereof, under oath or verified so as to subject the maker of the same to the penalties of perjury for any false statement, including attachments, in the report, that the statements, items and amounts in the report and the attachments thereto are fully true, exact, correct and authentic, and submit exact copies of all documents, and the like, in support thereof including, but not restricted to, contracts, bills, receipts and other related papers pertaining to the qualifying capital expenditures.(4) It shall be the duty of the taxpayer to maintain auditable records schedules and relevant supporting data regarding tax credit claims until January 31, 1980. In addition, a schedule of payments and commitments shall be accurately maintained and be explicitly identifiable as to the amounts paid as well as the qualifying capital expenditure.(5) Every taxpayer shall keep and retain full and complete books of account records and appropriate subsidiary accounts and data as to every qualifying capital expenditure, reports with attachments and every tax credit allowed and every certificate issued under the act as to qualifying capital expenditures by the Secretary for a period of not less than 3 years after December 31, 1977, or later date as the Secretary may in writing notify the taxpayer on or prior to December 31, 1977. All records shall be subject to examination by the Department. Every taxpayer shall give to the Department, or its duly authorized representative, reasonable means, facilities and opportunity for these examinations and audits.(6) The Secretary may, from time to time, prepare and require the use of forms deemed needed or necessary to carry out the act and this chapter.The provisions of this §73.54 adopted August 30, 1974, effective 8/31/1974, 4 Pa.B. 1811.The provisions of this §73.54 issued under the Malt Beverage Tax Law (47 P.S. § 112.1 (Repealed)).