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§ 8826-G. Rural growth fund failure to comply

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 1, 2019

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 XVIII-G. Manufacturing and Investment Tax Credit (Refs & Annos)
Part II. Rural Jobs and Investment Tax Credit
Effective: July 1, 2019
72 P.S. § 8826-G
§ 8826-G. Rural growth fund failure to comply
Currentness
(a) Revocation.--If a rural growth fund fails to meet the requirements of section 1825-G,1 the rural growth fund's approval shall be revoked, and, the corresponding investment authority and credit-eligible capital contributions may not be included in determining the limits on total investment authority and credit-eligible capital contributions prescribed in sections 1824-G(f) and 1828-G(c),2 respectively.
(b) Reallocation.--Any investment authority and credit-eligible capital contributions related to a rural growth fund whose approval has been revoked under subsection (a) shall be reallocated by awarding the investment authority related to a revocation on a pro rata basis to each rural growth fund that was awarded less than the requested investment authority under section 1824-G.
(c) Discretion.--A rural growth fund may allocate any investment authority reallocated to it under subsection (b) to its investor business firms at its discretion.
(d) Unallocated investment authority.--Subsequent to the reallocation in subsection (b), any remaining investment authority may be awarded by the department to new applicants.

Credits

1971, March 4, P.L. 6, No. 2, art. XVIII-G, § 1826-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

1
72 P.S. § 8825-G.
2
72 P.S. §§ 8824-G and 8828-G.
72 P.S. § 8826-G, PA ST 72 P.S. § 8826-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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