Section 135.49. Amount

(a) If the investment of a private company or a neighborhood organization has been verified and a tax credit requested, the Department of Revenue will grant a tax credit against tax imposed under Article IV, VI—X or XIII—XVI of the Tax Reform Code of 1971, or a tax substituted in lieu of it.

(b) A private company may not receive more than $250,000 tax credits annually for the projects approved under this chapter.

(c) A tax credit not used in the period the investment was made may be carried over the next 5 succeeding calendar or fiscal years until the full credit has been allowed. Tax credits shall be requested by the end of the fiscal year during which the credit was made.

(d) Approval for the allowance of tax credits will be granted to private companies and neighborhood organizations for 1 year. Private companies may invest in the approved project for up to 2 years, if the original plan demonstrated the need to make the investment over a 2-year period and tax credits are requested at the end of the first year’s investment. A request to continue the project into the second year may be submitted at that time.

(e) No credit will be given for funds expended or investments made prior to the project date approved by the Secretary.

(f) Tax credits will not be granted if the project results in displacement of residents, unless changes in neighborhood residential patterns demonstrably promote community conservation and positive measures will be taken to assist in or minimize the cost of relocation of residents affected under a plan developed with and approved by a designated neighborhood organization.

(g) An enterprise zone shall be limited to 20% of the total tax credits available under this program.

The provisions of this § 135.49 adopted March 4, 1988, effective March 5, 1988, 18 Pa.B. 937; amended June 8, 1990, effective upon publication and apply retroactively to July 1, 1988, 20 Pa.B. 3056. Immediately preceding text appears at serial page (125686).