72 Pa. Stat. § 8701-A.1

Current through Pa Acts 2024-53, 2024-56 through 2024-111

Section 8701-A.1 - Definitions.

The following words and phrases when used in this Article shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Administering agency." A department, board or commission that administers a tax credit or tax benefit as required by a law of this commonwealth. The term does not include a keystone innovation zone coordinator under Article XIX-F.

"Applicant." A person applying to an administering agency for a tax credit or a tax benefit.

"Application." An application submitted to an administering agency by an applicant for a tax credit or tax benefit. The term includes a transfer application and supplemental documentation required to be provided by an applicant, including reports, returns and statements.

"Broker." A person that engages in the business of effectuating transactions in tax credits for the account of others, including assisting a taxpayer to apply for, sell, transfer, assign or purchase a tax credit. The term includes an entity and all of the following that perform similar functions for the entity:

(1) A partner, officer or director of the entity.

(2) An affiliate of the entity.

(3) Any other person occupying a similar status of the entity.

"Department." The Department of Revenue of the Commonwealth.

"Person." Any individual, employer, association, fiduciary, partnership, corporation, entity, estate or trust, whether a resident or nonresident of this commonwealth.

"Program year." The annual period in which the tax credit or tax benefit operates.

"Recipient." A person that is sold, assigned or transferred a transferrable tax credit.

"Tax benefit." For purposes of this article, a tax benefit authorized under any of the following:

(1) Article XVII-A.

(2) Article XVIII-C.

(3) Article XIX-B.

(4) Article XIX-D.

(5) Article XXIX-C.

(6) Article XXIX-D.

(7) The act of October 6, 1998 ( P.L. 705, No.92), known as the keystone opportunity zone, keystone opportunity expansion zone and keystone opportunity improvement zone act.

"Tax credit." A tax credit authorized under any of the following:

(1) Article XVII-B.

(2) Article XVII-D.

(3) Article XVII-E.

(4) Article XVII-G.

(5) Article XVII-H.

(6) Article XVII-I.

(7) Article XVII-J.

(8) Article XVII-K.

(8.1) Article XVII-L.

(9) Article XVIII.

(10) Article XVIII-B.

(11) Article XVIII-D.

(12) Article XVIII-E.

(13) Article XVIII-F.

(14) Article XVIII-G.

(14.1) Article XVIII-H.

(15) Article XIX-A.

(15.1) Article XIX-C.

(16) Article XIX-E.

(16.1) Article XIX-F.

(17) Section 2010.

(18)[Repealed by 2021 Amendment.]

(19) Article XX-B of the act of March 10, 1949 ( P.L. 30, No.14), known as the Public School Code of 1949.

(20) The act of December 1, 2004 ( P.L. 1750, No.226), known as the first class cities economic development district act.

(21) 12 Pa.C.S. Ch. 34 (relating to infrastructure and facilities improvement program).

(22) Any other program established by a law of this commonwealth in which a person applies for and receives a credit against a tax. This paragraph shall not apply to a credit against a tax liability as a result of an overpayment.

"Taxpayer." A person that was approved for a tax credit or tax benefit or that received a transferrable tax credit by sale, assignment or transfer.

"Transfer application." An application submitted to the department or the administering agency by an applicant or a recipient as part of the sale, assignment or transfer of a transferrable tax credit to a recipient.

"Transferrable tax credit." A tax credit which may be sold, assigned or transferred from an applicant to a different taxpayer. The term includes a tax credit which may be transferred to a shareholder, member or partner of an applicant.

72 P.S. § 8701-A.1

Amended by P.L. TBD 2021 No. 25, § 11, eff. 7/30/2021.

Added by P.L. TBD 2017 No. 43, § 31, eff. 12/29/2017.