Pennsylvania § 3208 Pass-through entity

Pennsylvania Statutes

§ 3208 — Pass-through entity

Pennsylvania § 3208

Title 12COMMERCE AND TRADE

PartPART III

Ch. 32ENTERTAINMENT ECONOMIC ENHANCEMENT PROGRAM

This text of Pennsylvania § 3208 (Pass-through entity) is published on Counsel Stack Legal Research, covering Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

12 Pa. Cons. Stat. § 3208 (2026).

Text

(a)General rule.--If a pass-through entity has any unused tax credits under section 3207 (relating to carryover, carryback and assignment of tax credit), the pass-through entity may elect in writing, according to procedures established by the Department of Revenue, to transfer all or a portion of the tax credits to shareholders, members or partners in proportion to the share of the entity's distributive income to which each shareholder, member or partner is entitled.

(b)Limitation.--A pass-through entity and a shareholder, member or partner of a pass-through entity may not claim the tax credit under subsection (a) for the same qualified rehearsal and tour expense.

(c)Application.--A shareholder, member or partner of a pass-through entity to whom a tax credit is transferred under subse

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(a) General rule.--If a pass-through entity has any unused tax credits under section 3207 (relating to carryover, carryback and assignment of tax credit), the pass-through entity may elect in writing, according to procedures established by the Department of Revenue, to transfer all or a portion of the tax credits to shareholders, members or partners in proportion to the share of the entity's distributive income to which each shareholder, member or partner is entitled.

(b) Limitation.--A pass-through entity and a shareholder, member or partner of a pass-through entity may not claim the tax credit under subsection (a) for the same qualified rehearsal and tour expense.

(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.