(2) The purchaser or assignee of a tax credit under
paragraph (1) shall immediately claim the tax credit in the
taxable year in which the purchase or assignment is made.
(3) The purchaser or assignee may not carry over, carry
back, 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 in compliance
with procedures specified by the Department of Revenue.
Section 705. Pass-through entity.
(a) Transfers.--If a pass-through entity has any unused tax
credit under section 704, the pass-through entity may elect, in
writing, according to procedures established by the Department
of Revenue, to transfer all or a portion of the tax credit to
the pass-through entity's shareholders, members or partners in
proportion to the share of the pass-through 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 shall not claim the
credit under subsection (a) for the same qualified expenditures.
(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 tax credit in the
taxable year in which the transfer is made. The shareholder,
member or partner may not carry forward, carry back, obtain a
refund of or sell or assign the credit.
Section 706. Amount and availability of tax credits.
(a) Availability.--The Department of Revenue shall grant tax
credits to employers on a first-come, first-served basis.
(b) Amount.--An employer may claim a tax credit for up to
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