Section 1704-L. Limitations.
(a) Amount.--A tax credit certificate issued under this
section shall equal the least of the sum of wages paid to all
the taxpayer's volunteer emergency responders during the taxable
year in which the tax credit is being sought, 20% of a
taxpayer's qualified tax liability or $10,000.
(b) Prohibition.--In granting tax credits, the department
may not grant more than $5,000,000 in tax credit certificates in
a fiscal year.
Section 1705-L. Carryover, carryback and sale or assignment of
tax credit.
(a) General rule.--If the taxpayer cannot use the entire
amount of the tax credit for the taxable year in which the
taxpayer is eligible for the credit, the excess may be carried
over to succeeding taxable years and used as a credit against
the qualified tax liability of the taxpayer for those taxable
years. Each time the tax credit is carried over to a succeeding
taxable year, it shall be reduced by the amount that was used as
a credit during the immediately preceding taxable year. The tax
credit provided by this article may be carried over and applied
to succeeding taxable years for no more than one taxable year
following the first taxable year for which the taxpayer was
entitled to claim the credit.
(b) Application.--A tax credit approved by the department in
a taxable year shall first be applied against the taxpayer's
qualified liability for the current taxable year as of the date
on which the credit was approved before the tax credit can be
applied against any tax liability under subsection (a).
(c) Limitations.--A taxpayer is not entitled to carry back,
obtain a refund of, sell or assign an unused tax credit.
Section 1706-L. Department duties.
(a) Guidelines.--The department shall develop written
guidelines necessary for the implementation and administration
of this article. The guidelines shall be posted on the
department's publicly accessible Internet website.
(b) Report to General Assembly.--
(1) No later than June 1, 2021, and each June 1
thereafter, the department shall submit a report on the
effectiveness of the tax credits granted under this article.
The report shall include the names of taxpayers who were
issued tax credits as of the date of the report. The report
may include recommendations for changes in the calculation or
administration of the tax credits and other information as
the department deems appropriate.
(2) The report shall be submitted to all of the
following:
(i) The chairperson and minority chairperson of the
Appropriations Committee of the Senate.
(ii) The chairperson and minority chairperson of the
Finance Committee of the Senate.
(iii) The chairperson and minority chairperson of
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