Section 8903-G - Pennsylvania housing tax credit.(a) Establishment.--The Pennsylvania housing tax credit is established to encourage the development of qualified low-income housing projects in this Commonwealth. The agency and department shall administer the tax credit as provided in this article.(b) Availability.-- Tax credits may not be awarded under this article until the notice under subsection (c.1) is published.
(c)Maximum amount.-- (Reserved).(c.1) Notice.--Upon an enactment after the effective date of this subsection to make an amount of tax credits available under this article, the Secretary of the Budget shall submit a notice to the Legislative Reference Bureau for publication in the Pennsylvania Bulletin.(d) Application.-- (1) The agency may not accept applications for a tax credit under this section until the notice under subsection (c.1) is published.(1.1) A taxpayer may apply to the agency for a tax credit under this section by submitting an application on a form required by the agency.(2) The agency may require such information on the application as necessary to verify compliance with this act.(3) Except as otherwise provided by law, before the tax credit may be awarded, the department must find that the taxpayer has filed all required State tax reports and returns for all applicable tax years and paid any balance of State tax due as determined at settlement or assessment by the department, unless the tax due is currently under appeal.(e) Review of application by agency.-- (1) The agency shall review applications submitted for a tax credit and, in accordance with the procedures established by the agency under section 1909-G, conditionally reserve tax credits for a qualified low-income housing project.(2) The agency shall conditionally reserve tax credits in a manner that the agency, at the time of conditional reservation, reasonably believes will result in at least 10% of the tax credits being used to provide housing units targeting households with incomes at or below 30% of the area median income.(3) The agency shall determine the amount of tax credits conditionally reserved to a taxpayer based on the merits of the qualified low-income housing project.(f) Tax credit certificates.--Upon notification that a qualified low-income housing project receiving a conditional reservation of tax credits has been completed, the agency shall determine compliance with this act. Following verification of compliance, the agency shall issue the tax credit certificates in an amount not to exceed 20% of the conditional reservation for each taxable year in the tax credit period. Added by P.L. TBD 2020 No. 107, § 3, eff. 11/3/2020.