(a) General rule.--If a pass-through entity has an unused tax credit under section 1707-K, 1 the entity may elect, in writing, according to the department's procedures, to transfer
all or a portion of the tax credit to shareholders, members or partners in proportion
to the share of the entity's distributive income to which the shareholder, member
or partner is entitled.
(1) The credit provided under subsection (a) is in addition to any waterfront development
tax credit to which a shareholder, member or partner of a pass-through entity is otherwise
entitled under this article. However, a pass-through entity and a shareholder, member or partner of a pass-through
entity may not claim a credit under this article for the same waterfront development
(2) A shareholder, member or partner of a pass-through entity to whom credit is transferred
under subsection (a) must immediately claim the credit in the taxable year in which
the transfer is made.
(3) The shareholder, member or partner may not carry forward, carry back, obtain a
refund of or sell or assign the credit.
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