compliance, the agency shall issue the tax credit certificates
in an amount not to exceed 20% of the conditional reservation
for each taxable year in the tax credit period.
Section 1904-G. Use of tax credits.
(a) Claiming the credit.--Upon presentation of a tax credit
certificate to the department, the taxpayer may claim a tax
credit against the qualified tax liability.
(b) Amount.--The tax credit may be claimed at an amount not
to exceed 50% of the taxpayer's qualified tax liability for a
single taxable year.
Section 1905-G. Carryover, carryback and refund.
(a) General rule.--A taxpayer shall be entitled to carry
forward a tax credit for a period not to exceed five taxable
years from the taxable year in which the tax credit was awarded.
Each time the tax credit is carried over to a succeeding taxable
year, the tax credit shall be reduced by the amount that was
used as a credit during the immediately preceding taxable year.
(b) Application.--A tax credit certificate received by the
department in a taxable year shall first be applied against the
taxpayer's qualified tax liability for the current taxable year
as of the date on which the credit was issued before the tax
credit can be applied against a qualified tax liability under
subsection (a).
(c) No carryback or refund.--A taxpayer may not carry back
or obtain a refund of all or any portion of an unused tax credit
granted to the taxpayer under this article.
Section 1906-G. Sale or assignment.
(a) Application.--A taxpayer, upon application to and
approval by the department, may sell or assign, in whole or in
part, a tax credit granted to the taxpayer under this article.
(b) Compliance.--Before an application under subsection (a)
is approved, the department must find that the applicant has
filed all required State tax reports and returns for all
applicable taxable years and paid any balance of State tax due
as determined at settlement, assessment or determination by the
department.
Section 1907-G. Pass-through entity.
(a) General rule.--If a pass-through entity has any unused
tax credit under section 1904-G, the taxpayer may elect in
writing, according to procedures established by the department,
to transfer all or a portion of the tax credit to shareholders,
members or partners in proportion to the share of the entity's
distributive income to which the shareholder, member or partner
is entitled.
(b) Limitation.--A pass-through entity and a shareholder,
member or partner of a pass-through entity may not claim the
credit under subsection (a) for the same qualified project.
(c) Application.--A shareholder, member or partner of a
pass-through entity to whom a credit is transferred under
subsection (a) shall immediately claim the credit in the taxable
year in which the transfer is made. The shareholder, member or
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