§ 8827-G. Reporting obligations
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 1, 2019
Effective: July 1, 2019
72 P.S. § 8827-G
§ 8827-G. Reporting obligations
(a) Initial report.--Each rural growth fund shall submit a report to the department on or before the fifth business day after the second anniversary of the closing date. The report shall provide documentation as to the rural growth fund's rural growth investments and include the following information:
(2) The name, location and industry of each business receiving a rural growth investment, including either the determination letter issued by the department under section 1824-G(e)1 or other evidence that the business qualified as a rural business at the time the investment was made.
(i) The number of jobs created by a rural business is calculated each year by subtracting the number of full-time equivalent employee positions in this Commonwealth at the time of the initial rural growth investment in the rural business from the monthly average of those employment positions for that year. If the number calculated is less than zero, the number shall be reported as zero. The monthly average of full-time equivalent employee positions for a year is calculated by adding together the number of full-time equivalent employee positions existing on the last day of each month of the year and dividing by 12.
(ii) The number of jobs retained by a rural business is calculated each year based on the monthly average of full-time equivalent employee positions for that year. The monthly average of full-time equivalent employee positions for a year is calculated by adding together the number of full-time equivalent employee positions existing on the last day of each month of the year and dividing by 12. The reported number of jobs retained for a year may not exceed the number reported on the annual report under this subsection. The rural growth fund shall reduce the number of jobs retained for a year if employment at the rural business drops below the number reported on the annual report.
(1.1) If not provided under subsection (a)(2), the name and location of each business receiving a rural growth investment, including either the determination letter issued by the department under section 1824-G(e) or other evidence that the business qualified as a rural business at the time the investment was made.
Credits
1971, March 4, P.L. 6, No. 2, art. XVIII-G, § 1827-G, added 2016, July 13, P.L. 526, No. 84, § 38.1, imd. effective. Amended 2019, June 28, P.L. 50, No. 13, § 19, effective July 1, 2019.
Footnotes
72 P.S. § 8824-G.
72 P.S. § 8827-G, PA ST 72 P.S. § 8827-G
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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