PRIOR PRINTER'S NO. 730 PRINTER'S NO. 1715
No. 641 Session of 1985
INTRODUCED BY COLAFELLA, TRELLO, FARGO, NOYE, O'DONNELL,
HALUSKA, CIVERA, LESCOVITZ, BOYES, DeWEESE, DALEY, HERMAN,
PISTELLA, PERZEL, MORRIS, WOGAN, CLYMER, JOHNSON, ARTY,
MERRY, STABACK, BOWSER, BELFANTI, SEMMEL, RYBAK, DONATUCCI,
STEIGHNER, BALDWIN, BARLEY, PRESTON, McVERRY, PRATT AND D. W.
SNYDER, MARCH 20, 1985
AS RE-REPORTED FROM COMMITTEE ON FINANCE, HOUSE OF
REPRESENTATIVES, AS AMENDED, JUNE 12, 1985
AN ACT
1 Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An <--
2 act relating to tax reform and State taxation by codifying
3 and enumerating certain subjects of taxation and imposing
4 taxes thereon; providing procedures for the payment,
5 collection, administration and enforcement thereof; providing
6 for tax credits in certain cases; conferring powers and
7 imposing duties upon the Department of Revenue, certain
8 employers, fiduciaries, individuals, persons, corporations
9 and other entities; prescribing crimes, offenses and
10 penalties," providing for an increase in the discount rate
11 for collecting tax.
12 AMENDING THE ACT OF MARCH 4, 1971 (P.L.6, NO.2), ENTITLED "AN <--
13 ACT RELATING TO TAX REFORM AND STATE TAXATION BY CODIFYING
14 AND ENUMERATING CERTAIN SUBJECTS OF TAXATION AND IMPOSING
15 TAXES THEREON; PROVIDING PROCEDURES FOR THE PAYMENT,
16 COLLECTION, ADMINISTRATION AND ENFORCEMENT THEREOF; PROVIDING
17 FOR TAX CREDITS IN CERTAIN CASES; CONFERRING POWERS AND
18 IMPOSING DUTIES UPON THE DEPARTMENT OF REVENUE, CERTAIN
19 EMPLOYERS, FIDUCIARIES, INDIVIDUALS, PERSONS, CORPORATIONS
20 AND OTHER ENTITIES; PRESCRIBING CRIMES, OFFENSES AND
21 PENALTIES," REVISING THE PROVISIONS RELATING TO NET LOSS
22 CARRYOVER; AND PROVIDING FOR AN ECONOMIC REVITALIZATION TAX
23 CREDIT FOR CORPORATIONS.
24 The General Assembly of the Commonwealth of Pennsylvania
25 hereby enacts as follows:
26 Section 1. Section 227 of the act of March 4, 1971 (P.L.6, <--
1 No.2), known as the Tax Reform Code of 1971, is amended to read:
2 Section 227. Discount.--If a return is filed by a licensee
3 and the tax shown to be due thereon less any discount is paid
4 all within the time prescribed, the licensee shall be entitled
5 to credit and apply against the tax payable by him a discount of
6 one and one quarter per cent of the amount of the tax collected
7 by him on and after the effective date of this article, as
8 compensation for the expense of collecting and remitting the
9 same and as a consideration of the prompt payment thereof.
10 Section 2. This act shall take effect in 60 days.
11 SECTION 1. SECTION 401(3)4 OF THE ACT OF MARCH 4, 1971 <--
12 (P.L.6, NO.2), KNOWN AS THE TAX REFORM CODE OF 1971, ADDED
13 DECEMBER 23, 1983 (P.L.370, NO.90), IS AMENDED TO READ:
14 SECTION 401. DEFINITIONS.--THE FOLLOWING WORDS, TERMS, AND
15 PHRASES, WHEN USED IN THIS ARTICLE, SHALL HAVE THE MEANING
16 ASCRIBED TO THEM IN THIS SECTION, EXCEPT WHERE THE CONTEXT
17 CLEARLY INDICATES A DIFFERENT MEANING:
18 * * *
19 (3) "TAXABLE INCOME." * * *
20 4. (A) FOR TAXABLE YEARS BEGINNING IN 1982 AND THEREAFTER,
21 A NET LOSS DEDUCTION SHALL BE ALLOWED FROM TAXABLE INCOME AS
22 ARRIVED AT UNDER SUBCLAUSE 1 OR, IF APPLICABLE, SUBCLAUSE 2.
23 (B) A NET LOSS FOR A TAXABLE YEAR IS THE NEGATIVE AMOUNT FOR
24 SAID TAXABLE YEAR DETERMINED UNDER SUBCLAUSE 1 OR, IF
25 APPLICABLE, SUBCLAUSE 2. NEGATIVE AMOUNTS UNDER SUBCLAUSE 1
26 SHALL BE ALLOCATED AND APPORTIONED IN THE SAME MANNER AS
27 POSITIVE AMOUNTS.
28 (C) THE NET LOSS DEDUCTION SHALL BE THE LESSER OF THE AMOUNT
29 OF THE NET LOSS OR LOSSES WHICH MAY BE CARRIED OVER TO THE
30 TAXABLE YEAR OR TAXABLE INCOME AS DETERMINED UNDER SUBCLAUSE 1
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1 OR, IF APPLICABLE, SUBCLAUSE 2. A NET LOSS FOR A TAXABLE YEAR
2 MAY ONLY BE CARRIED OVER PURSUANT TO THE FOLLOWING SCHEDULE:
3 TAXABLE YEAR CARRYOVER
4 1981 1 TAXABLE YEAR
5 1982 2 TAXABLE YEARS
6 1983 AND THEREAFTER 3 TAXABLE YEARS
7 THE EARLIEST NET LOSS SHALL BE CARRIED OVER TO THE EARLIEST
8 TAXABLE YEAR TO WHICH IT MAY BE CARRIED UNDER THIS SCHEDULE.
9 (D) NO LOSS SHALL BE A CARRYOVER FROM A TAXABLE YEAR WHEN
10 THE CORPORATION ELECTS TO BE TREATED AS A PENNSYLVANIA S
11 CORPORATION PURSUANT TO SECTION 307 OF ARTICLE III OF THIS ACT
12 TO A TAXABLE YEAR WHEN THE CORPORATION IS SUBJECT TO THE TAX
13 IMPOSED UNDER THIS ARTICLE.
14 (E) PARAGRAPH (D) SHALL NOT PREVENT A TAXABLE YEAR WHEN A
15 CORPORATION IS A PENNSYLVANIA S CORPORATION FROM BEING
16 CONSIDERED A TAXABLE YEAR FOR DETERMINING THE NUMBER OF TAXABLE
17 YEARS TO WHICH A NET LOSS MAY BE A CARRYOVER.
18 (F) FOR PURPOSES OF THE NET LOSS DEDUCTION, THE SHORT
19 TAXABLE YEAR OF A CORPORATION, AFTER THE REVOCATION OR
20 TERMINATION OF AN ELECTION TO BE TREATED AS A PENNSYLVANIA S
21 CORPORATION PURSUANT TO SECTIONS 307.3 AND 307.4 OF ARTICLE III
22 OF THIS ACT, SHALL BE TREATED AS A TAXABLE YEAR.
23 (G) IN THE CASE OF A CHANGE IN OWNERSHIP BY PURCHASE,
24 LIQUIDATION, ACQUISITION OF STOCK OR REORGANIZATION OF A
25 CORPORATION IN THE MANNER DESCRIBED IN SECTION 381 OR 382 OF THE
26 INTERNAL REVENUE CODE OF 1954 (68A STAT. 3, 26 U.S.C. §§ 381 AND
27 382), AS AMENDED, THE LIMITATIONS PROVIDED IN THE INTERNAL
28 REVENUE CODE WITH RESPECT TO NET OPERATING LOSSES SHALL APPLY
29 FOR THE PURPOSE OF COMPUTING THE PORTION OF A NET LOSS CARRYOVER
30 RECOGNIZED UNDER PARAGRAPH (3) OF CLAUSE (4)(C) OF THIS SECTION.
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1 WHEN ANY ACQUIRING CORPORATION AND A TRANSFEROR CORPORATION
2 PARTICIPATED IN THE FILING OF CONSOLIDATED RETURNS TO THE
3 FEDERAL GOVERNMENT, THE ENTITLEMENT OF THE ACQUIRING CORPORATION
4 TO THE PENNSYLVANIA NET LOSS CARRYOVER OF THE ACQUIRING
5 CORPORATION OR THE TRANSFEROR CORPORATION WILL BE DETERMINED AS
6 IF SEPARATE RETURNS TO THE FEDERAL GOVERNMENT HAD BEEN FILED
7 PRIOR TO THE CHANGE IN OWNERSHIP BY PURCHASE, LIQUIDATION,
8 ACQUISITION OF STOCK OR REORGANIZATION.
9 SECTION 2. THE ACT IS AMENDED BY ADDING AN ARTICLE TO READ:
10 ARTICLE XVII
11 ECONOMIC REVITALIZATION TAX CREDIT
12 SECTION 1701. SHORT TITLE.--THIS ARTICLE SHALL BE KNOWN AND
13 MAY BE CITED AS THE PENNSYLVANIA ECONOMIC REVITALIZATION TAX
14 CREDIT LAW.
15 SECTION 1702. DEFINITIONS.--THE FOLLOWING WORDS AND PHRASES
16 WHEN USED IN THIS ARTICLE SHALL HAVE THE MEANINGS GIVEN TO THEM
17 IN THIS SECTION UNLESS THE CONTEXT CLEARLY INDICATES OTHERWISE:
18 "AVAILABLE CREDIT." FOR EACH TAXPAYER, THE AMOUNT OF ITS NET
19 LOSSES, CALCULATED AS HEREIN PRESCRIBED, WHICH WERE NOT USED AS
20 A DEDUCTION PURSUANT TO SECTION 401(3)4(C) PRIOR TO THE
21 EXPIRATION OF THE ALLOWABLE TIME PERIOD FOR THE CARRYOVER OF
22 SUCH LOSSES, MULTIPLIED BY NINE AND ONE-HALF PER CENT (9.5%).
23 THE AVAILABLE CREDIT SHALL BE REDUCED BY ANY AMOUNT OF CREDIT
24 TAKEN PURSUANT TO THIS ARTICLE.
25 "BOARD." THE BOARD OF THE BEN FRANKLIN PARTNERSHIP FUND
26 ESTABLISHED PURSUANT TO THE ACT OF DECEMBER 6, 1982 (P.L.774,
27 NO.223).
28 "NET LOSSES." LOSSES AS CALCULATED PURSUANT TO SECTION
29 401(3)4. THE TAXPAYER SHALL REDUCE THE AMOUNT OF SUCH LOSS BY
30 ALL DEPRECIATION DEDUCTIONS CLAIMED FOR TAXABLE YEARS 1981 AND
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1 1982 WITH RESPECT TO ASSETS FOR WHICH TAX BENEFITS WERE
2 TRANSFERRED TO THE TAXPAYER UNDER THE PROVISIONS OF SECTION
3 168(F)(8) OF THE INTERNAL REVENUE CODE OF 1954 (68A STAT. 3, 26
4 U.S.C. § 168(F)(8)), TAKING INTO ACCOUNT THE APPLICABLE
5 APPORTIONMENT FRACTION FOR THE RESPECTIVE TAX YEARS.
6 "SECRETARY." THE SECRETARY OF THE DEPARTMENT OF REVENUE.
7 "THRESHOLD LEVEL." TWO PER CENT OF THE BOOK VALUE OF
8 MANUFACTURING, PROCESSING, RESEARCH AND DEVELOPMENT PROPERTY IN
9 PLACE WITHIN THIS COMMONWEALTH DURING THE TAX YEAR BEGINNING IN
10 1982 AS MEASURED BY THE DIFFERENCE BETWEEN THE NUMERATORS OF THE
11 TAXPAYER'S SETTLED CORPORATE NET INCOME TAX AND CAPITAL STOCK OR
12 FRANCHISE TAX PROPERTY APPORTIONMENT FRACTIONS, OR SUCH FACTORS
13 AS WOULD HAVE BEEN REPORTED FOR ANY TAXPAYER NOT REPORTING SUCH
14 FRACTIONS. FOR THE PURPOSE OF CALCULATING THE THRESHOLD LEVEL,
15 THE TAXPAYER SHALL RECALCULATE THE APPROPRIATE PROPERTY
16 APPORTIONMENT FRACTIONS BY INCLUDING THE PROPERTY OF ANY
17 CORPORATION WHICH REPORTED AS A SEPARATE TAXPAYER DURING THE TAX
18 YEAR BEGINNING IN 1982 BUT WHICH IS INCLUDED WITHIN A SINGLE TAX
19 REPORT FILED BY THE TAXPAYER FOR THE TAXABLE YEAR FOR WHICH A
20 CREDIT IS CLAIMED.
21 SECTION 1703. QUALIFIED INVESTMENTS.--IN ORDER TO QUALIFY
22 FOR THE CREDIT AUTHORIZED BY THIS ARTICLE, THE INVESTMENTS FOR
23 WHICH THE CREDIT IS GRANTED MUST MEET ALL OF THE FOLLOWING
24 CRITERIA:
25 (1) INVESTMENTS SHALL CONSIST OF EXPENDITURES FOR THE
26 ACQUISITION OR CONSTRUCTION OF NEW DEPRECIABLE TANGIBLE PROPERTY
27 WITH A COST RECOVERY PERIOD OF FIVE YEARS OR MORE, AND OF
28 EXPENDITURES FOR THE SUBSTANTIAL RENOVATION, RESTORATION OR
29 RECONSTRUCTION OF EXISTING EQUIPMENT, BUILDINGS OR STRUCTURES
30 WITH A COST RECOVERY PERIOD OF FIVE YEARS OR MORE.
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1 (2) INVESTMENTS SHALL BE LIMITED TO EXPENDITURES BY THE
2 TAXPAYER FOR PROPERTY FOR USE BY THE TAXPAYER WITHIN THIS
3 COMMONWEALTH DIRECTLY FOR MANUFACTURING, PROCESSING AND RESEARCH
4 AND DEVELOPMENT ACTIVITIES, AS DEFINED IN ARTICLE VI.
5 (3) INVESTMENTS SHALL NOT INCLUDE INVESTMENTS FOR VEHICLES,
6 OFFICE FURNISHINGS, LIVESTOCK, PUBLIC UTILITY PROPERTY, CABLE
7 TELEVISION PROPERTY, TELECOMMUNICATIONS PROPERTY, MOVIE AND
8 TELEVISION FILMS AND TAPES, VENDING MACHINES, LODGING
9 FACILITIES, RESTAURANTS, AND COMMERCIAL RETAIL OR WHOLESALE
10 PROPERTY.
11 (4) INVESTMENTS FOR WHICH A CREDIT IS CLAIMED SHALL CONSIST
12 OF OTHERWISE ELIGIBLE EXPENDITURES FOR WHICH THE TAXPAYER
13 DEMONSTRATES THAT THE INVESTMENTS MAKE POSSIBLE THE PERMANENT
14 REHIRING OF PREVIOUSLY LAID-OFF WORKERS IN THIS COMMONWEALTH,
15 THE PERMANENT RETENTION OF EXISTING JOBS IN THIS COMMONWEALTH OR
16 THE EXPANSION OF PERMANENT EMPLOYMENT BY THE TAXPAYER WITHIN
17 THIS COMMONWEALTH.
18 (5) INVESTMENTS MUST BE MADE DURING THE TAXABLE YEARS
19 BEGINNING BETWEEN JULY 1, 1985 AND JUNE 30, 1988.
20 (6) INVESTMENTS MUST BE CERTIFIED BY THE BOARD AS BEING
21 QUALIFIED.
22 SECTION 1704. ELIGIBILITY FOR TAX CREDIT.--ANY TAXPAYER
23 SUBJECT TO THE TAX IMPOSED BY ARTICLE IV WHO CONTRIBUTES TO THE
24 ECONOMIC REVITALIZATION OF THIS COMMONWEALTH BY MAKING QUALIFIED
25 INVESTMENTS WITHIN THIS COMMONWEALTH AND WHO HAS AVAILABLE
26 CREDIT SHALL BE ELIGIBLE FOR A TAX CREDIT AS PROVIDED IN THIS
27 ARTICLE.
28 SECTION 1705. APPLICATION PROCEDURES.--(A) ANY APPLICATION
29 FOR A CREDIT PURSUANT TO THIS ARTICLE SHALL BE FILED WITH THE
30 SECRETARY. IN ADDITION TO ANY OTHER INFORMATION AS MAY BE
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1 REQUIRED PURSUANT TO THIS ARTICLE, THE APPLICATION SHALL
2 INCLUDE:
3 (1) A FIVE-YEAR HISTORY OF THE TAXPAYER'S INVESTMENT AND
4 EMPLOYMENT ACTIVITIES IN THIS COMMONWEALTH.
5 (2) A DETAILED DESCRIPTION OF THE QUALIFIED INVESTMENT
6 PROJECTS IN EXCESS OF THE THRESHOLD LEVEL FOR WHICH A CREDIT IS
7 REQUESTED.
8 (3) AN EXPLANATION OF HOW THE INVESTMENTS FOR WHICH THE
9 CREDIT IS REQUESTED WILL RESULT IN THE PERMANENT REHIRING OF
10 LAID-OFF WORKERS, THE PERMANENT RETENTION OF EXISTING JOBS IN
11 PENNSYLVANIA OR THE PERMANENT EXPANSION OF EMPLOYMENT WITHIN
12 THIS COMMONWEALTH, AND A QUANTITATIVE ESTIMATE OF THE IMPACT OF
13 SUCH INVESTMENT UPON EMPLOYMENT.
14 (4) THE IDENTIFICATION OF OTHER FORMS OF FEDERAL, STATE AND
15 LOCAL ECONOMIC DEVELOPMENT ASSISTANCE BEING UTILIZED BY THE
16 TAXPAYER, INCLUDING, BUT NOT LIMITED TO, INDUSTRIAL DEVELOPMENT
17 LOANS, PENNSYLVANIA INDUSTRIAL DEVELOPMENT AGENCY LOANS, JOB
18 TRAINING ASSISTANCE AND OTHER LOW-INTEREST LOANS OR GRANTS BEING
19 RECEIVED BY THE TAXPAYER.
20 (B) THE SECRETARY SHALL REVIEW ALL APPLICATIONS RECEIVED AND
21 SHALL INDICATE WHETHER OR NOT INVESTMENTS FOR WHICH CREDITS ARE
22 REQUESTED WILL BE QUALIFIED INVESTMENTS UNDER SECTION 1703(1),
23 (2) AND (3) AND SHALL CERTIFY THE AMOUNT OF AVAILABLE CREDIT FOR
24 WHICH THE TAXPAYER MAY BE ELIGIBLE. THE SECRETARY SHALL FORWARD
25 ALL SUCH APPLICATIONS AND INFORMATION TO THE BOARD. APPLICATIONS
26 AND INFORMATION FORWARDED TO THE BOARD BY THE SECRETARY SHALL
27 CONSTITUTE "PUBLIC RECORDS" PURSUANT TO THE ACT OF JUNE 21, 1957
28 (P.L.390, NO.212), REFERRED TO AS THE RIGHT-TO-KNOW LAW.
29 (C) THE BOARD SHALL REVIEW ALL APPLICATIONS AND INFORMATION
30 RECEIVED FROM THE SECRETARY AND APPROVE IN WHOLE OR IN PART
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1 THOSE APPLICATIONS WHICH, IN THE JUDGMENT OF THE BOARD, WILL
2 BEST CONTRIBUTE TO THE PURPOSES AND OBJECTIVES OF THIS ARTICLE.
3 THE BOARD SHALL CERTIFY TO THE SECRETARY AND THE GENERAL
4 ASSEMBLY THE AMOUNT AND NATURE OF QUALIFIED INVESTMENTS APPROVED
5 BY THE BOARD.
6 (D) THE BOARD SHALL NOT APPROVE AMOUNTS OF QUALIFIED
7 INVESTMENT WHICH WOULD CAUSE TOTAL CREDITS AVAILABLE PURSUANT TO
8 THIS ARTICLE TO EXCEED THE SUM OF TWENTY-FIVE MILLION DOLLARS
9 ($25,000,000). IN ADDITION, THE BOARD SHALL NOT APPROVE AMOUNTS
10 OF QUALIFIED INVESTMENT FOR ANY ONE TAXPAYER WHICH WOULD CAUSE
11 TOTAL CREDITS AWARDED TO THAT TAXPAYER TO EXCEED SIX MILLION TWO
12 HUNDRED FIFTY THOUSAND DOLLARS ($6,250,000).
13 SECTION 1706. CALCULATION OF TAX CREDIT.--A TAXPAYER MAY
14 CLAIM A CREDIT FOR TWENTY PERCENT (20%) OF THE AMOUNT BY WHICH
15 THE TAXPAYER'S QUALIFIED INVESTMENTS DURING THE TAXABLE YEAR
16 EXCEED THE TAXPAYER'S THRESHOLD LEVEL UP TO THE AMOUNT OF THE
17 TAXPAYER'S AVAILABLE CREDIT.
18 SECTION 1707. UTILIZATION OF CREDITS.--(A) TAX CREDITS
19 AUTHORIZED PURSUANT TO THIS ARTICLE MAY BE USED AGAINST ANY TAX
20 DUE FROM THAT TAXPAYER UNDER ARTICLES II, IV AND VI, OR CARRIED
21 OVER TO A FUTURE TAX YEAR BY THE TAXPAYER. THESE CREDITS MAY BE
22 CARRIED OVER UP TO THREE TAXABLE YEARS.
23 (B) IN THE EVENT THAT THE TAXPAYER CAN SHOW THAT TAX CREDITS
24 AWARDED PURSUANT TO THIS ARTICLE WILL EXCEED THE LIABILITY OF
25 THE TAXPAYER FOR TAXES IMPOSED UPON HIM PURSUANT TO ARTICLES II,
26 IV AND VI, THE TAXPAYER MAY PETITION FOR A CASH REFUND OF SUCH
27 CREDIT AMOUNTS IN THE MANNER PROVIDED BY LAW.
28 (C) IN THE CASE OF A CHANGE IN OWNERSHIP BY PURCHASE,
29 LIQUIDATION, ACQUISITION OF STOCK OR REORGANIZATION OF A
30 CORPORATION IN THE MANNER DESCRIBED IN SECTION 381 OR 382 OF THE
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1 INTERNAL REVENUE CODE OF 1954 (68A STAT. 3, 26 U.S.C §§ 381 AND
2 382), AS AMENDED, THE LIMITATIONS PROVIDED IN SECTION 401(3)
3 4(G) WITH RESPECT TO THE CARRYOVER OF NET LOSSES SHALL APPLY IN
4 THE SAME MANNER WITH RESPECT TO THE CARRYOVER OF ANY UNUSED
5 CREDIT.
6 SECTION 1708. RECAPTURE OF CREDITS.--IF ANY PROPERTY FOR
7 WHICH A TAXPAYER IS AWARDED CREDITS PURSUANT TO THIS ACT IS
8 DISPOSED OF PRIOR TO THE COMPLETION OF ITS COST RECOVERY PERIOD
9 UTILIZED FOR THE PURPOSES OF REPORTING TO THE FEDERAL
10 GOVERNMENT, A PORTION OF SUCH CREDIT SHALL BE ADDED TO THE TAX
11 LIABILITY OF THE TAXPAYER FOR THE TAX YEAR OF SUCH DISPOSITION
12 EQUAL TO THE PERCENTAGE WHICH THE NUMBER OF YEARS REMAINING IN
13 THE COST RECOVERY SCHEDULE OF THE PROPERTY REPRESENTS TO THE
14 TOTAL YEARS OF COST RECOVERY WHICH COULD HAVE BEEN CLAIMED BUT
15 FOR THE DISPOSITION. FOR THE PURPOSES OF CALCULATING THE
16 RECAPTURE PERCENTAGE, THE YEAR OF DISPOSITION SHALL BE
17 CONSIDERED A YEAR OF REMAINING COST RECOVERY.
18 SECTION 1709. SEMIANNUAL REPORTS.--(A) SEMIANNUALLY, ON OR
19 BEFORE JANUARY 30 AND JULY 30, THE SECRETARY OF REVENUE SHALL
20 PROVIDE THE GENERAL ASSEMBLY WITH A REPORT SHOWING THE FOLLOWING
21 INFORMATION FOR THE PERIOD BEGINNING WITH THE EFFECTIVE DATE OF
22 THIS SECTION AND ENDING ON THE LAST DAY OF THE MONTH PRIOR TO
23 THE MONTH OF THE REPORT:
24 (I) THE AMOUNT OF TAX CREDITS APPROVED FOR EACH TAXPAYER
25 PURSUANT TO THIS ARTICLE.
26 (II) THE NAME OF EACH SUCH TAXPAYER.
27 (III) A DESCRIPTION OF THE QUALIFIED PROPERTY, INCLUDING ITS
28 LOCATION, FOR WHICH THE CREDIT WAS GRANTED.
29 (IV) THE NUMBER OF WORKERS TO BE REHIRED AT EACH LOCATION,
30 THE NUMBER OF JOBS TO BE RETAINED AT EACH LOCATION, AND THE
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1 NUMBER OF NEW JOBS CREATED AT EACH LOCATION, AS CERTIFIED BY THE
2 SECRETARY.
3 (V) THE AMOUNT OF TAX CREDITS UTILIZED BY EACH TAXPAYER
4 PURSUANT TO THIS ARTICLE.
5 (VI) THE INFORMATION CONTAINED IN THE APPLICATIONS, WHETHER
6 APPROVED OR REJECTED, AS SPECIFIED IN SECTION 1705.
7 (B) THE PROVISIONS OF SECTION 408(B) OF THIS ACT RELATING TO
8 CONFIDENTIALITY OF INFORMATION, AND ANY OTHER PROVISIONS OF LAW
9 PREVENTING THE DISCLOSURE OF INFORMATION REQUIRED PURSUANT TO
10 SUBSECTION (A) OF THIS SECTION, SHALL NOT APPLY WHEN THE
11 INFORMATION IS DIVULGED FOR THE PURPOSES OF SUBSECTION (A) OF
12 THIS SECTION.
13 SECTION 1710. APPROPRIATION.--THE SUM OF TWENTY-FIVE MILLION
14 DOLLARS ($25,000,000) IS HEREBY APPROPRIATED FROM THE GENERAL
15 FUND OF THE COMMONWEALTH TO THE DEPARTMENT OF REVENUE FOR THE
16 FISCAL YEAR JULY 1, 1985, TO JUNE 30, 1986, FOR THE PAYMENT OF
17 TAX CREDITS PURSUANT TO THIS ARTICLE. THE APPROPRIATION SHALL
18 NOT LAPSE BUT CONTINUE UNTIL JUNE 30, 1989.
19 SECTION 1711. RULES AND REGULATIONS.--THE SECRETARY MAY
20 PROMULGATE RULES, REGULATIONS AND FORMS AS NECESSARY TO
21 IMPLEMENT THE PROVISIONS OF THIS ARTICLE.
22 SECTION 3. THIS ACT SHALL TAKE EFFECT IMMEDIATELY.
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