SB 74 — An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, providing for pediatric cancer research tax credit.

PRIOR PRINTER'S NO.NOS.

338338, 639 PRINTER'S NO.

639684 THE GENERAL ASSEMBLY OF PENNSYLVANIA SENATE BILL Session of No.

WARD, MENSCH, AUMENT, ARGALL, STEFANO, MARCH 10, 2021BOSCOLA, FONTANA AND SANTARSIERO, ASSENATOR AMENDEDBROWNE, ONAPPROPRIATIONS, SECONDRE-REPORTED CONSIDERATION,AS AMENDED, APRIL 20,27, 2021 AN ACT Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An act relating to tax reform and State taxation by codifying and enumerating certain subjects of taxation and imposing taxes thereon;

conferring powers and imposing duties upon the Department of Revenue, certain employers,and fiduciaries,other individuals,entities; persons, corporations penalties," providing for pediatric cancer research tax credit.

prescribing crimes, offenses andations penalties," providing for pediatric cancer research tax credit.

(a) Application.--A business firm may submit an application 20210SB0074PN0684 - 2 - to the department for a tax credit.

A business firm may receive 20210SB0074PN0639 - 2 - a tax credit if a pediatric cancer research institution receives a contribution from the business firm as determined by the department and in accordance with this article.

(1) Promulgating regulations necessary to implement this 20210SB0074PN0684 - 3 - article.

20210SB0074PN0639 - 3 - (2) Creating and publishing forms upon which business firms may apply for the tax credit under this article.

(b) Secretary of Health.--On or before December 31 of each year, the Secretary of Health shall designate hospitalsthe within <-- this Commonwealth which are equipped and actively conducting pediatric cancer research toinstitutions bethat THEare PEDIATRIC CANCER RESEARCH <-- INSTITUTIONS THAT ARE eligible to receive contributions under this article for the following taxable year.

20210SB0074PN0639 - 4 - In accordance with section 1709-M(a), the department shall 20210SB0074PN0684 - 4 - grant a tax credit certificate to a business firm eligible to receive a tax credit in accordance with this article.

The tax credit provided by this article may be carried over and applied to succeeding taxable years for no more than three taxable years 20210SB0074PN0639 - 5 - following the first taxable year for which the taxpayer was 20210SB0074PN0684 - 5 - entitled to claim the credit.

(d) Application.--An individual shareholder, member or 20210SB0074PN0639 - 6 - partner may apply a tax credit distributed under this section to 20210SB0074PN0684 - 6 - income taxable under Article III to the shareholder, member or partner, to the spouse of the shareholder, member or partner or to both, if both the shareholder, member or partner and the spouse report income on a joint personal income tax return.

20210SB0074PN0639 - 7 - (c) Use.--The purchaser or assignee may not carry forward, 20210SB0074PN0684 - 7 - carry back or obtain a refund of or sell or assign the tax credit.

and (2) the amount of contributions received by each of the <-- four pediatric cancer research institutes duringPEDIATRIC theCANCER 20210SB0074PN0639<-- -RESEARCH 8INSTITUTION -during the preceding fiscal year.

20210SB0074PN0684 - 8 - Section 1716-M.

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