providing a tax credit against the corporate net income tax
liability to employers who hire a full-time employee 55 years
of age or older.
Section 3. Authorization of tax credit.
Every taxpayer that is an employer, with at least four
employees, engaged in a for-profit business enterprise and that
hires a full-time employee who:
(1) is 55 years of age or older; and
(2) has not been employed during the one-year period
prior to being hired by the taxpayer
shall be eligible to receive a tax credit against any tax due
from the employer under Article IV of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, and against
any payment of estimated tax or payment of tentative tax due
from the employer on account of such taxes.
Section 4. Limitations on tax credits.
Tax credits awarded under this act shall be subject to the
following:
(1) Unused tax credits may be carried forward two years
from the date they are awarded. If not used within this time
period, the tax credits shall expire.
(2) Tax credits shall not be refundable.
(3) Tax credits shall not be transferable.
(4) Except in cases where an eligible employee
voluntarily leaves the employment of the taxpayer, becomes
disabled or is terminated for cause, no taxpayer shall be
entitled to receive the tax credit if the employee is
employed by the taxpayer for less than one year.
(5) If an eligible employee leaves the employment of the
taxpayer voluntarily, becomes disabled or is terminated for
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