§ 1726-M. Fund transfers
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 1, 2021
Effective: July 1, 2021
72 P.S. § 1726-M
§ 1726-M. Fund transfers
<Section 26(3) of Act 2021, June 30, P.L. 62, No. 24, effective July 1, 2021, provides that the amendment of 72 P.S. § 1726-M by that Act shall apply retroactively to July 1, 2020.>
(b) Transfer to Environmental Stewardship Fund.--From funds received under the authority of Article III of the act of March 4, 1971 (P.L. 6, No. 2),1 known as the Tax Reform Code of 1971, the sum of $13,782,000 shall be transferred to the Environmental Stewardship Fund.
(1) If the Secretary of the Budget determines the May 19, 2020, revised certification under section 503 of the act of June 27, 2006 (1st Sp.Sess., P.L. 1873, No. 1),2 known as the Taxpayer Relief Act, is insufficient to generate $621,000,000 for Statewide property tax relief, the Secretary of the Budget is authorized to transfer up to $200,000,000 from money received under the authority of Article III of the Tax Reform Code of 1971 to the Property Tax Relief Fund. If the Secretary of the Budget determines a transfer is necessary, the Secretary of the Budget shall issue a revised certification under section 503 of the Taxpayer Relief Act.
(2) The amount transferred under paragraph (1) by the Secretary of the Budget is appropriated to the Department of Education. The Department of Education shall combine the amount transferred under paragraph (1) with other funds available for property tax relief payments and shall make distributions to school districts under sections 324 and 505 of the Taxpayer Relief Act.3 The Secretary of the Budget may not transfer an amount more than is necessary to provide $621,000,000 of Statewide property tax relief, including other funds available for property tax relief payments.
Credits
1929, April 9, P.L. 343, No. 176, art. XVII-M, § 1726-M, added 2020, Nov. 23, P.L. 1140, No. 114, § 16, imd. effective, retroactive to July 1, 2020. Amended 2021, Feb. 5, P.L. 1, No. 1, § 5, imd. effective; 2021, June 30, P.L. 62, No. 24, § 25, effective July 1, 2021, retroactive to July 1, 2020.
72 P.S. § 1726-M, PA ST 72 P.S. § 1726-M
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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