Pennsylvania Film Production Tax Credits:
- Applicable against the Pennsylvania corporate income tax, personal income tax, premium tax, capital stock and franchise tax, and the bank shares tax.
- May offset 50% of taxpayer’s liability.
- Credits must be claimed in the taxable year in which the purchase or assignment is made.
- No credit carryforward or carryback is allowed for purchaser or assignee.
- Credits are certificated by the Department of Community and Economic Development.
- Recapture if taxpayer claiming the credit fails to incur the amount of qualified film production expenses agreed