Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 8905-A. Grant of tax credit

(a) The Department of Revenue shall grant a tax credit against any tax due under Article III, IV, VI, VII, VIII, IX or XV of this act,  1 or any tax substituted in lieu thereof in an amount which shall not exceed sixty-five per cent of the total amount contributed during the taxable year by a business firm or twenty-five per cent of qualified investments by a private company in programs approved pursuant to section 1904-A of this act:  2  Provided, That a tax credit of up to ninety per cent of the total amount contributed during the taxable year by a business firm or up to thirty-five per cent of the amount of qualified investments by a private company may be allowed for investment in programs where activities fall within the scope of special program priorities as defined with the approval of the Governor in regulations promulgated by the secretary, and Provided further, That a tax credit of up to ninety per cent of the total amount contributed during the taxable year by a business firm in comprehensive service projects with five-year commitments and up to ninety-five per cent of the total amount contributed during the taxable year by a business firm in comprehensive service projects with six-year or longer commitments shall be granted, and Provided further, That a tax credit of up to ninety per cent of the total amount contributed during the taxable year by a business firm in veterans' housing assistance approved under section 1904-A(b.3) shall be granted.  Such credit shall not exceed one million dollars ($1,000,000) annually for contributions or investments to fewer than four projects or two million five hundred thousand dollars ($2,500,000) annually for contributions or investments to four or more projects.  No tax credit shall be granted to any bank, bank and trust company, insurance company, trust company, national bank, savings association, mutual savings bank or building and loan association for activities that are a part of its normal course of business.  Any tax credit not used in the period the contribution or investment was made may be carried over for the next five succeeding calendar or fiscal years until the full credit has been allowed.  A business firm shall not be entitled to carry back or obtain a refund of an unused tax credit.  The total amount of all tax credits allowed pursuant to this act shall not exceed seventy-two million dollars ($72,000,000) in any one fiscal year.  Of that amount, two million dollars ($2,000,000) shall be allocated exclusively for pass-through entities.  However, if the total amounts allocated to either the group of applicants, exclusive of pass-through entities, or the group of pass-through entity applicants is not approved in any fiscal year, the unused portion shall become available for use by the other group of qualifying taxpayers.

(b) Notwithstanding any other provision of law and except for the tax credits which are granted under subsection (a) on the effective date of this subsection,  3 no additional tax credits may be granted under this article.