72 Pa. Stat. § 8705-I

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

Section 8705-I - Grant of tax credits

(a) General rule.--In accordance with section 1706-I(a), the department shall grant a tax credit certificate. The certificate may be used against a tax liability owed to the department by a business firm that provides proof of a contribution to a provider in the taxable year in which the contribution is made.

The business firm may apply the credit against any tax due under Article III, IV, VI, VII, VIII, IX or XV, excluding any tax withheld by an employer under Article III.

(b) Limitation.--The tax credit shall not exceed 50% of the total amount contributed by a business firm to a provider during the taxable year of the business firm. The tax credit shall not exceed $100,000 annually per business firm.

(c) Additional amount.--

(1) A business firm that contributes to a provider in two or more consecutive years shall qualify for a 75% tax credit for the contributions made in the second year and every consecutive year of making a contribution to a provider.

(2) Nothing in this section shall be construed to require a business firm to contribute to the same provider every year in order for the business firm to qualify for a tax credit under this subsection.

72 P.S. § 8705-I

Added by P.L. 751 2012 No. 85, § 19, eff. 7/1/2013.