In accordance with section 1709-M(a), the department shall
grant a tax credit certificate to a business firm eligible to
receive a tax credit in accordance with this article. The
certificate may be used against a tax liability owed to the
department by a business firm that provides proof of a
contribution to a pediatric cancer research institution in the
taxable year in which the contribution is made. The business
firm may apply the credit against any tax due under Article III,
IV, VII, VIII, IX or XV, excluding any tax withheld by an
employer under Article III.
Section 1709-M. Amount of tax credits.
(a) General rule.--The total aggregate amount of all tax
credits approved shall not exceed $10,000,000 in a fiscal year.
A tax credit may not be approved in excess of $2,500,000 in a
fiscal year for contributions to any one pediatric cancer
research institution.
(b) Activities.--No tax credit shall be approved for
activities that are part of a business firm's normal course of
business.
Section 1710-M. Carryover and carryback.
(a) General rule.--If a business firm does not use all or
any portion of a tax credit for the taxable year in which the
tax credit is first approved, the excess may be carried over to
succeeding taxable years and used as a credit against the
qualified tax liability of the business firm 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 three taxable years
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