Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1607-W.1. Affordable housing tax credits

(a) Tax credit authority.--For purposes, and in accordance with the provisions of this article, the agency may allocate an amount not to exceed $10,000,000 in each fiscal year in tax credits and is directed to deposit proceeds and earnings derived from the sale into the fund.

(b) Establishment and authorization.--The agency shall have the authority to perform actions necessary or convenient to establish protocols and procedures to sell and distribute tax credits, directly or indirectly, to achieve the purposes of the program.

(c) Limitations.--A qualified taxpayer may only purchase tax credits from the agency, which may only be applied against the qualified taxpayer's qualified tax liability in accordance with this article.

(d) Sale procedures.--Tax credits may be offered by the agency through direct or negotiated sale to qualified taxpayers.

(e) Procedures.--The agency shall adopt procedures and application criteria that shall be designed to deliver the tax credits in the manner deemed most appropriate to maximize the highest yield to the Commonwealth, to achieve a timely and equitable execution of the delivery of tax credits and to achieve the goals and purposes of the program.  Procedures for the sale and application criteria proposed by the agency shall be made available for public comment in a manner consistent with section 1605-W.1.  1

(f) Application.--A qualified taxpayer seeking to purchase tax credits may apply to the agency in the manner prescribed by the agency as specified in the guidelines adopted under this article.  The agency may require applicants to provide evidence of the taxpayer's qualifications.