Instructions For Pa-20s/pa-65 Schedule Oc - Pennsylvania Department Of Revenue - 2012 Page 8
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11partners, members or shareholders
The program will give low- and
separate REV-1123 each year the tax
(owners) beginning in 2012.
moderate-income students in low-
credit is awarded and not used in
●
achieving schools the option to obtain
whole or in part.
The tax credit may be carried
a scholarship to attend a participating
●
REV-1123 must be sent to the
forward, sold, assigned and is not
public or nonpublic school.
refundable.
Revenue’s Bureau of Corporation
● P
Taxes by the tax return filing due
urchased or assigned tax
credits
Qualified businesses, including
may be applied to no more than 75
pass-through entities, may apply the
date (including extensions) of the
percent of the tax liability of the
credit against the following
entity. However, REV-1123 must be
purchaser or assignee.
Pennsylvania state taxes:
sent separately from the entity’s tax
●
The purchaser or assignee shall
Capital stock/foreign franchise tax
return.
claim the tax credit in the year in
●
Corporate net income tax
The amount of the tax credit
which the purchase or assignment is
passed through to partners,
made.
Bank shares tax
shareholders or members is based on
●
Title insurance & trust company
The entity can pass through in
the percentage of income distribution
whole or part unused tax credits to
shares tax
from the entity receiving the tax
its owners. The amount of the tax
Insurance premiums tax (excluding
credit.
credit passed through to owners is
surplus lines, unauthorized,
●
The tax credit may be applied to
based on the percentage of income
domestic/foreign marine)
100 percent of the entity liability or
distribution from the entity receiving
Mutual thrift tax
100 percent of the entity owners’
the tax credit. The owner must use
Gross receipts tax
liabilities.
the tax credit in the year it is passed
Personal income tax
through.
For more information, to apply for
Historic Preservation
●
The applicant/awardee cannot be
an Opportunity Scholarship Tax
an employer constructing the
Credit, or to pass-through a credit,
Incentive Tax Credit
improvements in the Keystone
visit the DCED’s website at
Effective July 2, 2013, this program
Special Development Zone.
, or call the DCED
will provide tax credits for qualified
●
An employer may not claim both
Customer Service Center at 1-800-
taxpayers to rehabilitate a qualified
Keystone Opportunity Zone and
379-7448.
historic structure that is approved by
Keystone Special Development Zone
For tax questions, please contact
the PA Historical & Museum
tax credit.
the Department of Revenue at 717-
Commission. For tax year 2012, only
●
If the company fails to maintain
772-3896.
fiscal-years filers can claim this credit.
operations for five years from
Qualified taxpayers may apply the
submission of certificate to the
Guidelines for the Educational
credit against the following
Department of Revenue, the
Opportunity Scholarship Tax
Pennsylvania state taxes:
company shall be required to refund
Credit
Capital stock/foreign franchise tax
the total amount of tax credits
●
The entity decides if the tax credit
Corporate net income tax
granted, with interest and a penalty
will be applied towards corporation
of 20 percent of the amount of
Bank shares tax
tax and/or passed through to its
credits granted.
Title insurance & trust company
partners, shareholders or members.
shares tax
●
The tax credit cannot be sold or
Note.
Insurance premiums tax (excluding
Do not pass through
assigned.
surplus lines, unauthorized,
more than is needed to entity
●
Although any unused tax credits
domestic/foreign marine)
owners for this or any other
may not be carried forward, the
Mutual thrift tax
restricted tax credit and do not
entity may elect in writing prior to
Gross receipts tax
purchase or assign more than can be
the due date of the entity’s tax
Personal income tax
used of this tax credit or any other
return to pass through all or a
restricted tax credit for purchase or
portion of the tax credit to its owners
assignment.
For more information, to apply for
in the taxable year of the
a Historic Preservation Tax Credit or
contribution or the taxable year
to sell/assign/pass-through a credit,
immediately following the year of
Opportunity Scholarship
visit the DCED’s website at
contributions.
, or call the DCED
Tax Credit
●
Credit cannot be applied for any
Customer Service Center at 1-800-
tax withheld by an employer from an
The Pennsylvania Department of
379-7448.
employee.
Community and Economic
For tax questions, please contact
●
To make an irrevocable election to
Development (DCED) administers the
the Department of Revenue at 717-
pass through an Opportunity
award of this tax credit to businesses
772-3896.
Scholarship tax credit to partners,
who contribute to IRC §501C
shareholders or members, a business
opportunity scholarship organizations
Guidelines for the Historic
should visit the Department of
approved by DCED. Scholarship
Preservation Incentive Tax
Revenue’s website at
organizations can provide scholarships
Credit
and
to eligible students living within the
●
The tax credit shall be applied
complete REV-1123, Educational
boundary of the lowest-achieving 15
Improvement Tax Credit Election
against the qualified entities liability
percent of elementary and lowest-
Form, which is also used for the
for the current taxable year as of the
achieving 15 percent of secondary
Educational Improvement Tax Credit
date on which the tax credit was
schools as published by the
program. The entity must complete a
Department of Education.
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Instructions for PA-20S/PA-65 Schedule OC
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