Pennsylvania has extended the carryforward period for education credits, due to the pandemic. In the event that a business cannot use education credits during the 2020–2021 or 2021–2022 fiscal year, as a result of contributions from business firms to scholarship, educational improvement, and pre-kindergarten scholarship organizations, the credits can be carried forward two taxable years following the year that the credit was awarded. Tax credits that are carried forward will not diminish the total amount of tax credits that may otherwise be awarded to a business or that may be awarded to all businesses in the aggregate.
If you wish to discuss any of the matters in this update in more detail, please contact Chuck Marston, Rich Pacella, or Danelle Stewart at cmarston@srsnodgrass.com, rpacella@srsnodgrass.com, or dstewart@srsnodgrass.com or 724-934-0344.
Posted 12/2/20
