PRINTER'S NO. 1978
No. 1429 Session of 2002
INTRODUCED BY BRIGHTBILL AND THOMPSON, MAY 3, 2002
REFERRED TO APPROPRIATIONS, MAY 3, 2002
AN ACT
1 Amending the act of July 1, 1985 (P.L.120, No.32), entitled
2 "An act creating a special fund in the Treasury Department
3 for use in attracting major industry into this Commonwealth;
4 establishing a procedure for the appropriation and use of
5 moneys in the fund; establishing the Tax Stabilization
6 Reserve Fund; and providing for expenditures from such
7 account," further providing for transfer of portion of
8 revenue surplus.
9 The General Assembly of the Commonwealth of Pennsylvania
10 hereby enacts as follows:
11 Section 1. Section 203.1 of the act of July 1, 1985
12 (P.L.120, No.32), entitled "An act creating a special fund in
13 the Treasury Department for use in attracting major industry
14 into this Commonwealth; establishing a procedure for the
15 appropriation and use of moneys in the fund; establishing the
16 Tax Stabilization Reserve Fund; and providing for expenditures
17 from such account," added June 25, 2001 (P.L.733, No.74), is
18 amended to read:
19 Section 203.1. Transfer of portion of surplus.
20 For the fiscal year beginning July 1, [2001] 2002, and in any
1 fiscal year thereafter in which the Secretary of the Budget
2 certifies that there is a surplus of operating funds in the
3 General Fund, 10% of such surplus shall be deposited by the end
4 of the next succeeding quarter into the Tax Stabilization
5 Reserve Fund.
6 Section 2. This act shall take effect immediately.
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