72 Pa. Stat. § 8903-E

Current through Pa Acts 2024-53, 2024-56 through 2024-92

Section 8903-E - Definitions.

The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Agency." The Pennsylvania Housing Finance Agency.

"Department." The Department of Revenue of the Commonwealth.

"Eligible projects." A building or buildings to be constructed or rehabilitated and any related real or personal property:

(1) located in a commercial corridor where a comprehensive neighborhood revitalization strategy is either in place or being developed;

(2) sponsored by an entity with development experience in this Commonwealth, with capacity to complete the project and qualified under the criteria established in guidelines developed by the agency;

(3) financed by a combination of public or private debt financing, gap financing or owner equity sufficient to ensure the financial feasibility of the project;

(4) has sufficiently demonstrated site control and ability to proceed;

(5) complies with any other eligibility requirements the agency determines to be appropriate.

"Fund." The Mixed-use Development Program Fund established under section 1906-E.

"Mixed-use development tax credits." Amounts made available to qualified taxpayers to offset against qualified tax liability as authorized and allocated under this article, as evidenced by tax credit certificates and meeting all of the criteria set forth in this article.

"Program." The Mixed-use Development Program established under section 1904-E.

"Qualified tax liability." The tax liability imposed on a taxpayer under Article III, IV, VI, VII, VIII, IX, XI or XV, excluding any tax withheld by an employer under Article III.

"Qualified taxpayer." Any natural person, business firm, corporation, business trust, limited liability company, partnership, limited liability partnership, association or any other form of legal business entity that:

(1) is subject to a tax imposed under Article III, IV, VI, VII, VIII, IX, XI or XV, excluding any tax withheld by an employer under Article III; and

(2) meets the criteria set forth in guidelines established by the agency.

"Tax credit certificates." The document provided by the agency to the qualified taxpayer evidencing the allocation of mixed-use development tax credits under section 1907-E.

72 P.S. § 8903-E

Added by P.L. TBD 2016 No. 84, § 43, eff. 9/11/2016.