§ 8721-L. Reports to General Assembly
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: January 3, 2023
Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 5. Tax Reform Code of 1971 (Refs & Annos)
Article XVII-L. Pennsylvania Economic Development for a Growing Economy (PA Edge) Tax Credits (Refs & Annos)
Subarticle B. Local Resource Manufacturing (Refs & Annos)
Effective: January 3, 2023
72 P.S. § 8721-L
Formerly cited as PA ST 72 P.S. § 8712-L
§ 8721-L. Reports to General Assembly
(a) Annual report.--No later than the year after which tax credits are first awarded under this subarticle, and each October 1 thereafter, the department shall submit a report on the tax credit provided under this subarticle to the chairperson and minority chairperson of the Appropriations Committee of the Senate, the chairperson and minority chairperson of the Appropriations Committee of the House of Representatives, the chairperson and minority chairperson of the Finance Committee of the Senate and the chairperson and minority chairperson of the Finance Committee of the House of Representatives. The report must include the names of the qualified taxpayers utilizing the tax credit as of the date of the report and the amount of tax credits approved for, utilized by or sold or assigned by a qualified taxpayer.
(b) Reconciliation report.--On May 1 of the year which is 10 years after the year in which tax credits are first awarded under this subarticle, the department shall submit to the Secretary of the Senate and the Chief Clerk of the House of Representatives a reconciliation report on the effectiveness of this subarticle. The report shall include, to the extent possible, the following information for the preceding 10 years:
(3) The total number of jobs created by the qualified taxpayer, upstream company and downstream company and any companies that provide goods, utilities or other services that support the business operations of the qualified taxpayer, upstream company and downstream company. This paragraph includes the average annual salary and hourly wage information.
(4) The amount of taxes paid under Article II1 by the qualified taxpayer, upstream company and downstream company and any companies that provide goods, utilities or other services that support the business operations of the qualified taxpayer, upstream company and downstream company.
(5) The amount of taxes withheld from employees or paid by members, partners or shareholders of the pass-through entities under Article III2 of the qualified taxpayer, upstream company and downstream company and any companies that provide goods, utilities or other services that support the business operations of the qualified taxpayer, upstream company and downstream company.
(6) The amount of taxes paid under Article IV3 by the qualified taxpayer, upstream company and downstream company and any companies that provide goods, utilities or other services that support the business operations of the qualified taxpayer, upstream company and downstream company.
(7) The amount of taxes paid under Article XI4 by the qualified taxpayer, upstream company and downstream company and any companies that provide goods, utilities or other services that support the business operations of the qualified taxpayer, upstream company and downstream company.
(c) Reduction.--If the reconciliation report issued under subsection (b) reveals that the total amount of the tax credits granted under this subarticle exceeds the total amount of tax revenue reported under subsection (b)(4), (5), (6), (7), (8) and (9), the report must include any recommendation for changes in the calculation of the credit.
(d) Publication.--The reports required by this section shall be a public record as defined under section 102 of the act of February 14, 2008 (P.L. 6, No. 3),5 known as the Right-to-Know Law, and shall be available electronically on the publicly accessible Internet website of the department. The reports required under this section may not contain “confidential proprietary information” as defined in section 102 of the Right-to-Know Law.
Credits
1971, March 4, P.L. 6, No. 2, art. XVII-L, § 1712-L, added 2020, July 23, P.L. 654, No. 66, § 1.1, effective in 60 days [Sept. 21, 2020]. Renumbered as § 1721-L and amended by 2022, Nov. 3, P.L. 1695, No. 108, § 13, effective in 60 days [Jan. 3, 2023].
Footnotes
72 P.S. § 7201 et seq.
72 P.S. § 7301 et seq.
72 P.S. § 7401 et seq.
72 P.S. § 8101 et seq.
65 P.S. § 67.102.
72 P.S. § 8721-L, PA ST 72 P.S. § 8721-L
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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