Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 8733-L. Application and approval of tax credit

(1) A qualified taxpayer may apply to the department for a tax credit under this section.

(2) The application must be submitted to the department by March 1 for the tax credit claimed for milk purchased and processed by the qualified taxpayer at the project facility during the prior calendar year.

(3) The application must be on the form required by the department which shall include the following:

(1) The department shall review the applications and shall issue an approval or disapproval by May 1.

(2) Upon approval, the department shall issue a certificate stating the amount of tax credit granted for milk purchased and processed at the project facility in the prior calendar year.

(1) Each fiscal year, $15,000,000 in tax credits shall be made available to the department in accordance with this subarticle.

(2) The department shall issue up to $15,000,000 in tax credits in a fiscal year to the qualified taxpayer which first meets the qualifications to receive a tax credit under this subarticle.

(3) An amount under paragraph (1) which remains unallocated under paragraph (2) shall be issued to the qualified taxpayer which next meets the qualifications to receive a tax credit under this subarticle.

(4) The total aggregate amount of tax credits awarded to a qualified taxpayer under this subarticle may not exceed 25% of the capital investment made to construct a project facility and place the project facility into service in this Commonwealth.