Bill Information

An Act amending the act of May 17, 1956 (1955 P. L. 1609, No. 537), entitled "Pennsylvania Industrial Development Authority Act," providing for the designation of critical economic areas annually or for periods of less than one year; changing the definition of industrial enterprise to include office buildings utilized as National or regional headquarters or computer or clerical operations centers; correcting the definition of industrial development fund; adding the definition of small business; extending the life of the Authority; repealing clauses (c) and (d) of section 6; providing for increased percentages of loans to be made to industrial development agencies based upon varying and increased rates of unemployment in critical economic areas and providing for larger loans for small businesses and removing the industrial development agency project percentage in certain instances.