not distributed, of the income or gain received by the
corporation for its taxable year ending within or with the
shareholder's taxable year.
(c) Limitation.--A partnership, association, Subchapter S
corporation, resident or nonresident may not apply an exemption
from income under this act for any class of income against any
other classes of income or gain. A partnership, association,
Subchapter S corporation, resident or nonresident may not carry
back or carry forward any exemption under this act from year to
year. The exemption allowed under this section shall not exceed
the tax liability of the taxpayer under Article III of the Tax
Reform Code for the tax year.
(d) Section not applicable to certain entities.--Any portion
of net income or gain that is attributable to operation of a
railroad, truck, bus or airline company, pipeline or natural gas
company, water transportation company or entity which would
qualify as a regulated investment company under Article IV of
the Tax Reform Code or would qualify as a holding company under
Article VI of the Tax Reform Code shall not be used to calculate
an exemption under this section.
Section 513. Nonresidency considerations.
If a nonresident realizes income attributable to business
activity or property within a Pennsylvania affordable energy
development zone on or before the end of the tax year, the
person may claim the exemptions from income for the items for
that portion of the tax year that the person was a resident or
for that portion of the tax year during which the area is
designated as a Pennsylvania affordable energy development zone.
Section 514. Corporate net income tax.
(a) Credits.--For the tax years that begin on or after
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