61 Pa. Code § 153.13 — Federal tax credits

In the determination of taxable income, Federal tax credits, for example the Federal tax credit for taxes paid to a foreign country, is not allowed to reduce the ‘‘Federal taxable income before net operating loss deduction and special deductions’’ (presently Line 28 of Page 1 of Federal IRS Form 1120 or Line 24 of Page 1 of Federal IRS Form 1120-A). Reference should also be made to § 153.12 (relating to altering Federal taxable income). Authority The provisions of this § 153.13 amended under section 408 of the Tax Reform Code of 1971 (72 P. S. § 7408). Source The provisions of this § 153.13 amended January 16, 1987, effective January 17, 1987, 17 Pa.B. 273. Immediately preceding text appears at serial page (36116). Cross References This section cited in 61 Pa. Code § 153.12 (relating to altering Federal taxable income). No part of the information on this site may be reproduced for profit or sold for profit. This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.