Form Rev-765 Ct - Schedule Jc - Annual Report Page 2

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Qualifications, Conditions & Reporting Requirements
Qualified Businesses Include:
• Insurance Companies subject to Insurance Premium Tax imposed by Article IX of the Tax Reform Code of 1971
• Railroad, Truck, Bus, or Airline Companies, Pipeline or Natural Gas Companies, or Water Transportation Companies that
are required to apportion income in accordance with Section 401(B), (C), or (D) of the Tax Reform Code of 1971. Credit
for these companies can be applied against Corporate Net Income, Capital Stock/Franchise, or Personal Income Tax for
Qualified Sub-S Corporations. (Article III, IV, or VI of the Tax Reform Code of 1971)
Conditions of Employment within a Keystone Opportunity Subzone or Expansion Subzone (KOZ/KOEZ):
• Full-time jobs must be held directly with the applicant in a KOZ/KOEZ.
• Credit may be claimed for full-time jobs created in a KOZ/KOEZ provided that overall Pennsylvania full-time jobs
increased from the base calendar year AND the jobs created are not attributed to existing Pennsylvania jobs that were
transferred, discontinued or lost.
1 - the calendar year 2000
OR
Base calendar year is the later of:
2 - the calendar year immediately preceding the first year
during which relocation to a KOZ/KOEZ occurred.
• Jobs within a KOZ/KOEZ qualify as “full-time ” provided the employee works 35 or more hours per week of which 20 or
more of those hours are within the KOZ/KOEZ.
Reporting Requirement:
DUE DATE: This annual report of actual full-time jobs within a KOZ or KOEZ must be submitted on or before January 15 for the
previous calendar year. This reporting includes data regarding all full-time qualified jobs held within PA and within the KOZ/KOEZ
for the immediate preceding calendar year as well as the base calendar year. (See definition above for the base calendar year.)
Mail to: Attn: KOZ/KOEZ
PA Department of Revenue
Bureau of Corporation Taxes
PO BOX 280701
Harrisburg, PA 17128-0701
Applicable to Insurance Companies
Act 2000-119
LAWS OF PENNSYLVANIA
Section 518. Keystone Opportunity Zone Job Tax Credit or Keystone Opportunity Expansion Zone Job Tax Credit.
(a) Credits. – For tax years that begin on or after January 1, 2001, an insurance company that is a qualified business under this act
may apply to the Department of Revenue for a job tax credit against the tax imposed by Article IX of the Tax Reform Code of
1971 for all full-time jobs within a subzone or expansion subzone in the taxable year. The job must be held directly with an insurance
company in the subzone or expansion subzone in order for the insurance company to apply for the tax credit. The Department of
Revenue shall prescribe the form and manner to obtain the credit.
(b) Section not applicable to certain insurance companies. –
(1) An insurance company that relocates from a location in a political subdivision in this Commonwealth that is not in a subzone
or expansion subzone to a location in a Keystone Opportunity Zone or Keystone Opportunity Expansion Zone may not
apply for a credit for an existing job that is transferred, discontinued or lost in this Commonwealth which is attributable to
the relocation.
(2) An insurance company that has relocated pursuant to paragraph (1) may apply for a Keystone Opportunity Zone Job Tax Credit
or Keystone Opportunity Expansion Zone Job Tax Credit for a new full-time job that is created in the subzone or expansion
subzone. A new full-time job is created with an insurance company if the average monthly employment for that insurance
company has increased from the prior 12-month calendar year in the subzone or expansion subzone.
(c) Application of credit. – An insurance company shall apply for a credit by January 15 for the previous calendar year.
(d) Apportionment. – The Department of Revenue shall apportion a Keystone Opportunity Zone Job Tax Credit or a Keystone
Opportunity Expansion Zone Job Tax Credit for an insurance company that is a qualified business that has not operated in a subzone
or expansion subzone for a full fiscal year.
(e) Credit determinations. – The Keystone Opportunity Zone Job Tax Credit or Keystone Opportunity Expansion Zone Job Tax Credit
shall be determined by multiplying the monthly average of all full-time jobs by the allowance. The allowance for purposes of the
Keystone Opportunity Zone Job Tax Credit or Keystone Opportunity Expansion Zone Job Tax Credit for taxable years beginning
within the dates set forth shall be as follows:

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