Current through Register Vol. 54, No. 45, November 9, 2024
Section 73.53 - Tax credit to be allowed and limitationsA tax credit or credits shall be allowed to a taxpayer, as provided in this section, not to exceed in total amount the amount of qualifying capital expenditures made by the taxpayer and certified by the Secretary.
(1) The amount of qualifying capital expenditures made by the taxpayer in any single calendar year shall be the total of the amounts actually paid, and at the taxpayer's election, amounts promised to be paid under firm purchase contracts executed during the calendar year, and certified by the Secretary, but not exceeding a total of $100,000.(2) No taxpayer, notwithstanding the number of plants, sales quarters or other facilities of the taxpayer within this Commonwealth for the manufacture and sale of malt or brewed beverages, and further notwithstanding the actual amounts paid as defined in § 73.52 (relating to definitions) shall be certified by the Secretary to receive or shall receive a tax credit or credits in any single calendar year in excess of $100,000.(3) The tax credit as authorized in this act shall in no event exceed the actual monetary cost to the taxpayer of the qualifying capital expenditure as defined in § 73.52 made by the taxpayer and the actual cost may not include any trade-in allowance, interest or financing charges or legal expenses or the cost of any item or expense not a direct actual cost of construction of plant or purchase and installation of machinery or equipment intended for use by the taxpayer within the Commonwealth in the manufacture and sale of malt or brewed beverages.(4) Tax credit in any calendar year may not exceed tax paid to the Department in that calendar year.The provisions of this §73.53 adopted August 30, 1974, effective 8/31/1974, 4 Pa.B. 1811.The provisions of this §73.53 issued under the Malt Beverage Tax Law (47 P.S. § 112.1 (Repealed)).