PRINTER'S NO. 67
No. 73 Session of 2001
INTRODUCED BY HOLL, JANUARY 23, 2001
REFERRED TO FINANCE, JANUARY 23, 2001
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 a tax credit. 11 The General Assembly of the Commonwealth of Pennsylvania 12 hereby enacts as follows: 13 Section 1. The act of March 4, 1971 (P.L.6, No.2), known as 14 the Tax Reform Code of 1971, is amended by adding a section to 15 read: 16 Section 402.2. Credit.--(a) Any business firm which hires a 17 person who has been out of work for fifteen weeks or more shall 18 receive a tax credit as provided in subsection (b). 19 (b) The department shall grant a tax credit against any tax 20 due under section 402 in an amount equal to the amount of 21 Federal income tax withheld for that employe during the first
1 year of his employment. 2 (c) It shall be unlawful for any business firm to fire 3 existing employes in order to hire someone to gain a tax credit 4 under this section. 5 (d) The total amount of tax credits granted under this 6 section shall not exceed ten million dollars ($10,000,000) in 7 any fiscal year. 8 (e) The Secretary of Labor and Industry and the Secretary of 9 Revenue may promulgate rules and regulations to implement this 10 section. 11 Section 2. This act shall take effect in 60 days. L14L72JS/20010S0073B0067 - 2 -