Section 8703-G - Application and approval of tax credit(a) Rate.--The tax credit shall be equal to $0.05 per gallon of ethane purchased and used in manufacturing ethylene in this Commonwealth by a qualified taxpayer.
(b) Application.--
(1) A qualified taxpayer may apply to the department for a tax credit under this section.(2) The application must be submitted to the department by March 1 for the tax credit claimed for ethane purchased and used by the qualified taxpayer during the prior calendar year. The application must be on the form required by the department.(3) The department may require information necessary to document the amount of ethane purchased and used. (c) Review and approval.--
(1) The department shall review and approve or disapprove the applications by March 20.(2) Upon approval, the department shall issue a certificate stating the amount of tax credit granted for ethane purchased in the prior calendar year.Added by P.L. 751 2012 No. 85, § 19, eff. 7/2/2012.