Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 8828-G - Business firms.(a) General rule.--To qualify for a tax credit, credit-eligible capital contributions made by a business firm to a rural growth fund must be used by the rural growth fund for rural growth investments in a rural business under this part.(b)Submission.--In connection with the documentation submitted under section 1825-G(b), a rural growth fund shall submit, on behalf of its business firm investors, on a form and in a manner required by the department, a description of credit-eligible capital contributions for approval by the department. The submission shall include for each credit-eligible capital contribution: (1) The amount of the credit-eligible capital contribution.(2) The name of the rural growth fund to which the credit-eligible capital contribution was made.(4) Any other information required by the department.(c)Limitation.--The department may not approve more than $30,000,000 in credit-eligible capital contributions under this part. Amended by P.L. TBD 2019 No. 13, § 19, eff. 7/1/2019.Added by P.L. TBD 2016 No. 84, § 38.1, eff. 7/13/2016.