An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, providing for deer processor's tax credit.
What changed between versions
The definition of 'qualified tax liability' was modified to explicitly list Article III, IV, or VI, ensuring clarity on which taxes are eligible for the credit.
A new section was added allowing pass-through entities to transfer unused tax credits to shareholders, members, or partners in proportion to their distributive income share.
New limitations were added to prevent double-dipping, ensuring that both the entity and the shareholder cannot claim the same credit, and prohibiting the sale or assignment of transferred credits.
The requirement for the department to promulgate regulations was changed to develop written guidelines, potentially offering more flexibility in administration.
The effective date of the act was updated to apply to taxable years beginning after December 31, 2024.
