§ 8824-G. Rural growth funds
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: September 21, 2020
Effective: September 21, 2020
72 P.S. § 8824-G
§ 8824-G. Rural growth funds
(i) The applicant or an affiliate of the applicant is licensed as a rural business investment company under the Consolidated Farm and Rural Development Act (Public Law 87-128, 75 Stat. 307) or as a small business investment company under the Small Business Investment Act of 1958 (Public Law 85-699, 72 Stat. 689).
(4) A business plan that includes a revenue impact assessment projecting State and local tax revenue to be generated by the applicant's proposed rural growth investments prepared by a nationally recognized third-party independent economic forecasting firm using a dynamic economic forecasting model that analyzes the applicant's business plan over the 10 years following the date the application is submitted to the department.
(c) Review of applications.--The department shall review applications received from rural growth funds under this section. Subject to the limitation in subsection (f), the department shall make allocations of investment authority for approved applications in the order in which the applications are received. Applications received on the same day shall be deemed to have been received simultaneously. If requests for investment authority on approved applications exceed the limitation in subsection (f), the department shall reduce the investment authority and the credit-eligible capital contributions proportionally based upon the amount of investment authority sought in the application for each approved application as necessary to not exceed the limitation in subsection (f).
(2) A notice of approval shall specify the amount of the applicant's investment authority as determined by the department after reviewing the information submitted in accordance with subsection (b) and the amount of credit-eligible contribution authority allocated to each business firm that submitted an affidavit in the application. At least 60% of a growth fund's investment authority shall be comprised of credit-eligible capital contributions.
(4) An applicant may resubmit the application within 30 days after receipt of a notice of disapproval and provide additional information to complete, clarify or cure defects identified in the application by the department. The department shall consider that application submitted before any pending applications submitted after the date the application was originally submitted.
(e) Request for determination.--A rural growth fund, before making a rural growth investment, may request from the department a written opinion as to whether the business in which the rural growth fund proposes to invest is a rural business. The department shall notify the rural growth fund of the determination within 15 days after receipt of the request. If the department fails to notify a rural growth fund of the determination within 15 days, the business in which the rural growth fund proposes to invest shall be considered a rural business.
Credits
1971, March 4, P.L. 6, No. 2, art. XVIII-G, § 1824-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; 2020, July 23, P.L. 665, No. 68, § 4, effective in 60 days [Sept. 21, 2020].
72 P.S. § 8824-G, PA ST 72 P.S. § 8824-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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