Instructions For Form Pa-20s/pa-65 - Schedule Oc - Other Credits

penalty of 20 percent of the

Guidelines for the Educational

Qualified taxpayers may apply the credit

Opportunity Scholarship Tax Credit

amount of credits granted.

against the following Pennsylvania

state taxes:

● The entity decides if the tax credit

NOTE: Do not pass through

will be applied towards corporation

● Capital stock/foreign franchise tax

more than is needed to entity

tax and/or passed through to its

owners for this or any other restricted

● Corporate net income tax

partners, shareholders or members.

tax credit and do not purchase or as-

● The tax credit cannot be sold or

● Bank shares tax

sign more than can be used of this tax

assigned.

credit or any other restricted tax credit

● Title insurance & trust company

for purchase or assignment.

● Although any unused tax credits

shares tax

may not be carried forward, the

OPPORTUNITY SCHOLARSHIP

● Insurance premiums tax (excluding

entity may elect in writing prior to

TAX CREDIT

surplus lines, unauthorized, do-

the due date of the entity’s tax re-

mestic/foreign marine)

The Pennsylvania Department of Com-

turn to pass through all or a portion

munity and Economic Development

of the tax credit to its owners in the

● Mutual thrift tax

(DCED) administers the award of this

taxable year of the contribution or

● Gross receipts tax

tax credit to businesses who contribute

the taxable year immediately fol-

to IRC §501(c) opportunity scholarship

lowing the year of contributions.

● Personal income tax

organizations approved by DCED.

● Credit cannot be applied for any

For more information, to apply for a His-

Scholarship organizations can provide

tax withheld by an employer from

toric Preservation Tax Credit or to

scholarships to eligible students living

an employee.

sell/assign/pass-through a credit, visit

within the boundary of the lowest-

the DCED’s website at ,

● To make an irrevocable election to

achieving 15 percent of elementary and

or call the DCED Customer Service Cen-

pass through an Opportunity

lowest-achieving 15 percent of second-

ter at 1-800-379-7448.

Scholarship tax credit to partners,

ary schools as published by the Depart-

shareholders or members, a busi-

ment of Education.

For tax questions, please contact the De-

ness should visit the Department

partment of Revenue at 717-772-3896.

The program will give low- and moder-

Revenue’s

website

ate-income students in low-achieving

Guidelines for the Historic

and

schools the option to obtain a scholar-

Preservation Incentive Tax Credit

complete REV-1123, Educational

ship to attend a participating public or

Improvement Tax Credit Election

● The tax credit shall be applied

Form, which is also used for the

nonpublic school.

against the qualified entities liabil-

Educational

Improvement

Tax

ity for the current taxable year as

Qualified businesses, including pass-

Credit program. The entity must

of the date on which the tax credit

through entities, may apply the credit

complete a separate REV-1123

was issued before it can be passed

against the following Pennsylvania state

each year the tax credit is awarded

through to its partners, sharehold-

taxes:

and not used in whole or in part.

ers or members.

● Capital stock/foreign franchise tax

● REV-1123 must be sent to the

● The tax credit can be sold or as-

Revenue’s Bureau of Corporation

signed. Refer to

Saleable or Assign-

● Corporate net income tax

Taxes by the tax return filing due

able Tax

Credits.

date (including extensions) of the

● Bank shares tax

● A purchased or assigned tax credit

entity. However, REV-1123 must

● Title insurance & trust company

may be applied to 100 percent of

be sent separately from the en-

shares tax

the tax liability of the purchaser or

tity’s tax return.

assignee.

● Insurance premiums tax (excluding

● The amount of the tax credit

surplus lines, unauthorized, do-

● The entity may carry forward any

passed through to partners, share-

mestic/foreign marine)

unused tax credits to no more than

holders or members is based on

the seven succeeding taxable

the percentage of income distribu-

● Mutual thrift tax

years.

tion from the entity receiving the

tax credit.

● Gross receipts tax

● The tax credit may not be carried

● The tax credit may be applied to

back and is not refundable.

● Personal income tax

100 percent of the entity liability or

● The amount of the tax credit

For more information, to apply for an

100 percent of the entity owners’

passed through to partners, share-

Opportunity Scholarship Tax Credit, or

liabilities.

holders or members is based on

to pass-through a credit, visit the

HISTORIC PRESERVATION

the percentage of income distribu-

DCED’s website at , or

INCENTIVE TAX CREDIT

tion from the entity receiving the

call the DCED Customer Service Center

tax credit. The partner, shareholder

Effective July 2, 2013, this program

at 1-800-379-7448.

or member must use the tax credit

provides tax credits for qualified tax-

For tax questions, please contact

payers to rehabilitate a qualified his-

in the year it is passed through.

the

Department

Revenue

toric structure that is approved by the

Refer to

Passing Through Tax Credit

717-772-3896.

PA Historical & Museum Commission.

To Entity

Owners.

Instructions For Form Pa-20s/pa-65 - Schedule Oc - Other Credits - 2013 Page 8

Related Articles

Related forms

Related Categories