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Army Veteran Owned | Expert Surety Bonds Since 2004
Have a question? +1 815-826-6324 (815-8-BondAI) phil@AmericasSuretyBonds.com
Army Veteran Owned | Expert Surety Bonds Since 2004
Anyone who brokers the sale or assignment of restricted Pennsylvania tax credits has to register with the Department of Revenue, and the registration is not valid until a $50,000 surety bond is on file. This is that bond. You pay a premium instead of setting aside $50,000, and the executed bond goes straight into the documents you email to the Department after you apply.
Pennsylvania requires every individual who represents a buyer, seller, assignee or assignor in a restricted tax credit transaction to hold a tax credit broker registration under Article XVII-A.1 of the Tax Reform Code of 1971. The registration calls for a $50,000 surety bond payable to the Pennsylvania Department of Revenue, and the Department's bond form states the bond must be on file before the registration is valid. Registrations run for two years.
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The name throws people off. This bond has nothing to do with real estate, mortgage or securities brokers. It belongs to the Pennsylvania Department of Revenue's Broker Registration Program, which covers people who arrange the sale or assignment of restricted tax credits used against taxes owed to the Commonwealth. The program comes from Article XVII-A.1 of the Tax Reform Code of 1971, 72 P.S. 8701-A.1 through 8709-A.1, as amended by Act 25 of 2021.
Registration is by individual. Any individual who represents a buyer, seller, assignee or assignor in a restricted tax credit transaction must register. The employer goes first. It completes Employer Validation, listing every employee authorized to conduct restricted tax credit transactions, and employees cannot submit a broker application until the Department approves that validation. The employer must be a registered business subject to Pennsylvania filing requirements.
The amount is a flat $50,000. There are no tiers. The Department's bond form names the Commonwealth of Pennsylvania, Pennsylvania Department of Revenue as obligee and conditions the bond on the broker's faithful performance of his obligations under Article XVII-A.1 and compliance with the tax credit statutes and regulations that apply. The form carries an expiration date and can be continued by certificate. The surety can end its liability by giving the Department 30 days written notice.
The application is filed online. Afterward the broker emails the Department a photo ID, a transcript or degree for the highest education level reported, a Pennsylvania State Police criminal background check, a copy of each professional credential, and a copy of the executed $50,000 bond with its related documentation. The registration stays incomplete until those documents arrive, and it is automatically rejected if they are not received within 5 days of submission. The Department currently charges no administrative cost to register.
A registration is effective for two years from the date of issuance. Renewals are accepted 3 months before expiration, and every document required at initial registration, including the bond documentation, is required again.
A person who violates Article XVII-A.1 faces a civil fine of up to $25,000 for a first offense and up to $50,000 for each additional offense.
No. It is the Pennsylvania Department of Revenue bond for tax credit brokers, meaning people who represent a buyer, seller, assignee or assignor in the sale or assignment of restricted tax credits used against Pennsylvania taxes.
Yes. The Department's guidelines and bond form both call for a $50,000 surety bond payable to the Department of Revenue. There is no tiered amount.
The bond form states it must be on file with the Department before the registration is valid. In practice you email a copy of the executed bond with your other documents, and the application is automatically rejected if the documents are not received within 5 days of submission.
No. Employees cannot submit a broker registration application until the employer's Employer Validation has been approved by the Department.
Two years from the date of issuance. Renewals are accepted 3 months before expiration, and all documents required for the initial registration, bond documentation included, must be filed again.
Under Article XVII-A.1, a violator can be fined up to $25,000 for a first offense and up to $50,000 for each additional offense.
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