(b) Application.--A tax credit approved by the department in
a taxable year first shall be applied against the taxpayer's
qualified tax liability for the current taxable year as of the
date on which the credit was approved before the tax credit can
be applied against any tax liability under subsection (a). A
taxpayer may not carry forward, carry back, obtain a refund of
or sell or assign the credit.
Section 1905-D. Pass-through entity.
(a) General rule.--If a pass-through entity has any unused
tax credit under section 1902-D, it may elect in writing,
according to procedures established by the department, to
transfer all or a portion of the tax credit to shareholders,
members or partners in proportion to the share of the entity's
distributive income to which the shareholder, member or partner
is entitled.
(b) Limitation.--A pass-through entity and a shareholder,
member or partner of a pass-through entity shall not claim the
tax credit under subsection (a) for the same contributions.
(c) Application.--A shareholder, member or partner of a
pass-through entity to whom a tax credit is transferred under
subsection (a) shall immediately claim the tax credit in the
taxable year in which the transfer is made. The shareholder,
member or partner may not carry forward, carry back, obtain a
refund of or sell or assign the tax credit.
Section 1906-D. Annual cap on tax credits.
The total amount of tax credits approved under this article
shall not be more than $15,000,000 in a fiscal year.
Section 1907-D. Report to General Assembly.
The Secretary of Revenue shall submit an annual report to the
General Assembly indicating the effectiveness of the tax credit
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