Section 3205 - Limitations(a) Cap.-- (1) The aggregate amount of tax credits awarded in a fiscal year under this chapter may not exceed $24,000,000.(2) In a fiscal year, the department may, in the department's discretion, advance the award of tax credits for qualified rehearsal and tour expenses incurred or to be incurred equal to $2,000,000 of the tax credits available to be awarded in the succeeding fiscal year.(3) If, in a fiscal year, the maximum amount of credits authorized by this subsection are not awarded by the department, the department may increase the total amount of tax credits that the department may award for qualified rehearsal and tour expenses incurred or to be incurred related to a tour in the immediately succeeding fiscal year by the amount that was not awarded in the preceding fiscal year.(b)Advance award of credits.--The advance award of tax credits under subsection (a)(2) shall: (1) Count against the total amount of tax credits that the department may award for qualified rehearsal and tour expenses incurred or to be incurred related to a tour in that next succeeding fiscal year; and(2) Reduce the total amount of tax credits that the department may award for qualified rehearsal and tour expenses incurred or to be incurred related to a tour in that next succeeding fiscal year.(c) Individual limitations.-- (1) A taxpayer may not be: (i) Awarded more than $1,500,000 of tax credits for a tour if the sum of the taxpayer's purchase or rental of concert tour equipment from companies located and maintaining a place of business in this Commonwealth for use on the tour and any contribution to a qualified charitable corporation is equal to or more than $2,500,000 but less than $3,500,000.(ii) Awarded more than $2,250,000 of tax credits for a tour if the sum of the taxpayer's purchase or rental of concert tour equipment from companies located and maintaining a place of business in this Commonwealth for use on the tour and any contribution to a qualified charitable corporation is equal to or more than $3,500,000 but less than $5,500,000.(iii) Awarded more than $3,000,000 of tax credits for a tour if the sum of the taxpayer's purchase or rental of concert tour equipment from companies located and maintaining a place of business in this Commonwealth for use on the tour and any contribution to a qualified charitable corporation is equal to or more than $5,500,000 but less than $7,500,000.(iv) Awarded more than $3,500,000 of tax credits for a tour if the sum of the taxpayer's purchase or rental of concert tour equipment from companies located and maintaining a place of business in this Commonwealth for use on the tour and any contribution to a qualified charitable corporation is equal to or more than $7,500,000 but less than $10,000,000.(v) Awarded more than $4,250,000 of tax credits for a tour if the sum of the taxpayer's purchase or rental of concert tour equipment from companies located and maintaining a place of business in this Commonwealth for use on the tour and any contribution to a qualified charitable corporation is equal to or more than $10,000,000 but less than $12,000,000.(vi) Awarded more than $5,000,000 of tax credits for a tour if the sum of the taxpayer's purchase or rental of concert tour equipment from companies located and maintaining a place of business in this Commonwealth for use on the tour and any contribution to a qualified charitable corporation is equal to or more than $12,000,000.(2) Except as provided under paragraph (4), the aggregate amount of tax credits awarded by the department under section 3203(e) (relating to procedure) to a taxpayer for a tour with concerts at two class 1 venues or a class 1 venue and a class 2 venue may not exceed 35% of the qualified rehearsal and tour expenses incurred or to be incurred.(3) Except as provided under paragraph (4), the aggregate amount of tax credits awarded by the department under section 3203(e) to a taxpayer for a tour with concerts at a class 1 venue and a class 3 venue may not exceed 40% of the qualified rehearsal and tour expenses incurred or to be incurred.(4) Notwithstanding the limitation under paragraphs (2) and (3), a taxpayer is eligible for a tax credit in the amount of 5% of the qualified rehearsal and tour expenses incurred or to be incurred by the taxpayer if the taxpayer holds concerts at a total of two or more class 2 venues or class 3 venues.(5) For purposes of determining the applicable limitation under paragraph (1), a contribution to a qualified charitable corporation may not exceed $250,000.Added by P.L. (number not assigned at time of publication) 2024 No. 116,§ 3, eff. 10/29/2024.