Section 1649.706 - Limitation on tax credits(a) Total.--The total amount of credits approved by the department shall not exceed: (1) $5,000,000 in fiscal years 2008-2009 through 2011-2012.(2) $8,000,000 in fiscal year 2012-2013.(3) $10,000,000 in fiscal years 2013-2014 through 2014-2015.(4) $2,000,000 in fiscal year 2015-2016.(b) Formula.--If the total amount of alternative energy production tax credits approved for all taxpayers exceeds the amount allocated for those credits, then the alternative energy production tax credit to be received by each applicant shall be the product of the allocated amount multiplied by the quotient of the alternative energy production tax credit approved for the applicant divided by the total of all alternative energy production tax credits approved for all applicants, the algebraic equivalent of which is: taxpayer's alternative energy production tax credit = amount allocated for those credits x (alternative energy production tax credit approved for the applicant/total of all alternative energy production tax credits approved for all applicants).
2008, July 9, P.L. 1873, No. 1 (Spec. Sess. No. 1), § 706, imd. effective.