PRINTER'S NO. 241
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
225
Session of
2019
INTRODUCED BY KILLION, BARTOLOTTA, BROWNE AND K. WARD,
FEBRUARY 8, 2019
REFERRED TO FINANCE, FEBRUARY 8, 2019
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in entertainment production tax credit, further
providing for carryover, carryback and assignment of credit.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1714-D(f) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
and the section is amended by adding a subsection to read:
Section 1714-D. Carryover, carryback and assignment of credit.
* * *
(f) Purchasers and assignees.--Except as [set forth in
subsection (g)] provided in subsections (g) and (h), the
following apply:
(1) The purchaser or assignee of all or a portion of a
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tax credit under subsection (e) shall immediately claim the
credit in the taxable year in which the purchase or
assignment is made.
(2) The amount of the tax credit that a purchaser or
assignee may use against any one qualified tax liability may
not exceed 50% of such qualified tax liability for the
taxable year.
(3) The purchaser or assignee may not carry forward,
carry back or obtain a refund of or sell or assign the tax
credit.
(4) The purchaser or assignee shall notify the
Department of Revenue of the seller or assignor of the tax
credit in compliance with procedures specified by the
Department of Revenue.
* * *
(h) Full utilization of tax credits.--A purchaser or
assignee of all or a portion of a tax credit under subsection
(e) that is included in the same Federal consolidated tax return
as the taxpayer under subsection (a), as defined under sections
1501 and 1502 of the Internal Revenue Code of 1954 (68A Stat. 3,
26 U.S.C. ยงยง 1501 and 1502), may utilize the film tax credit to
the same extent allowable for the taxpayer as specified in
subsections (a), (b) and (c).
Section 2. This act shall take effect in 60 days.
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