Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 8706-K. Tax credit

(1) The department may promulgate rules and regulations for the approval or disapproval of applications by business firms.

(2) The department shall provide a report listing all applications received and the disposition of the applications in each fiscal year to the General Assembly by October 1 of the following fiscal year.  The department's report shall include all taxpayers utilizing the tax credit and the amount of tax credits approved, sold or assigned.

(3) Notwithstanding any law providing for the confidentiality of tax records, the information in the report shall be public information, and all report information shall be posted on the department's publicly accessible Internet website.

(1) A taxpayer, upon application to and approval by the department, may sell or assign, in whole or in part, a waterfront development tax credit granted to the business firm under this article if no claim for allowance of the credit is filed within one year from the date the credit is granted by the Department of Revenue under section 1707-K.  The department and the Department of Revenue shall jointly promulgate guidelines for the approval of applications under this subsection.

(2) The purchaser or assignee of a waterfront development tax credit under subsection (d) shall immediately claim the tax credit in the taxable year in which the purchase or assignment is made.

(3) The purchaser or assignee may not carry over, carry back, obtain a refund of or sell or assign the tax credit.

(4) The purchaser or assignee shall notify the Department of Revenue of the seller or assignor of the waterfront development tax credit in compliance with procedures specified by the Department of Revenue.