PRINTER'S NO. 67
No. 73 Session of 2001
INTRODUCED BY HOLL, JANUARY 23, 2001
REFERRED TO FINANCE, JANUARY 23, 2001
AN ACT
1 Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
2 act relating to tax reform and State taxation by codifying
3 and enumerating certain subjects of taxation and imposing
4 taxes thereon; providing procedures for the payment,
5 collection, administration and enforcement thereof; providing
6 for tax credits in certain cases; conferring powers and
7 imposing duties upon the Department of Revenue, certain
8 employers, fiduciaries, individuals, persons, corporations
9 and other entities; prescribing crimes, offenses and
10 penalties," providing for a tax credit.
11 The General Assembly of the Commonwealth of Pennsylvania
12 hereby enacts as follows:
13 Section 1. The act of March 4, 1971 (P.L.6, No.2), known as
14 the Tax Reform Code of 1971, is amended by adding a section to
15 read:
16 Section 402.2. Credit.--(a) Any business firm which hires a
17 person who has been out of work for fifteen weeks or more shall
18 receive a tax credit as provided in subsection (b).
19 (b) The department shall grant a tax credit against any tax
20 due under section 402 in an amount equal to the amount of
21 Federal income tax withheld for that employe during the first
1 year of his employment.
2 (c) It shall be unlawful for any business firm to fire
3 existing employes in order to hire someone to gain a tax credit
4 under this section.
5 (d) The total amount of tax credits granted under this
6 section shall not exceed ten million dollars ($10,000,000) in
7 any fiscal year.
8 (e) The Secretary of Labor and Industry and the Secretary of
9 Revenue may promulgate rules and regulations to implement this
10 section.
11 Section 2. This act shall take effect in 60 days.
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