61 Pa. Code § 153.13. Federal tax credits.

§ 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).

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