H1437B1775A06329 VDL:JSL 06/19/20 #90 A06329
AMENDMENTS TO HOUSE BILL NO. 1437
Sponsor: SENATOR HUTCHINSON
Printer's No. 1775
Amend Bill, page 1, lines 11 through 13, by striking out
"for" in line 11, all of line 12 and "reporting obligations," in
line 13
Amend Bill, page 1, line 14, by striking out ", for
prohibitions," and inserting
and
Amend Bill, page 1, line 15, by striking out " and for exit"
Amend Bill, page 1, lines 18 through 23, by striking out all
of said lines and inserting
Section 1. The definition of "qualified tax liability" in
section 1822-G of the act of March 4, 1971 (P.L.6, No.2), known
as the Tax Reform Code of 1971, is amended to read:
Amend Bill, page 2, lines 6 through 30; page 3, lines 1
through 10; by striking out all of said lines on said pages
Amend Bill, page 3, lines 19 through 30; page 4, lines 1
through 21; by striking out all of said lines on said pages and
inserting
Section 2. Section 1824-G(d)(2) and (f) of the act are
amended to read:
Amend Bill, page 4, lines 24 through 30; page 5, lines 1
through 20; by striking out all of said lines on said pages
Amend Bill, page 5, lines 23 through 30; pages 6 through 8,
lines 1 through 30; page 9, lines 1 through 3; by striking out
2020/90VDL/HB1437A06329 - 1 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
all of said lines on said pages and inserting
(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
sixty percent of a growth fund's investment authority shall
be comprised of credit-eligible capital contributions.
* * *
(f) Limitation.--The department may not approve more than
[$100,000,000] $50,000,000 in investment authority under this
part.
Section 2.1. Sections 1828-G(c), 1829-G(b)(3), 1830-G and
1833-G(a) of the act, amended June 28, 2019 (P.L.50, No.13), are
amended to read:
Amend Bill, page 9, line 7, by striking out "[$4,000,000]"
and inserting
[$30,000,000]
Amend Bill, page 9, lines 13 through 16, by striking out all
of said lines
Amend Bill, page 9, lines 19 and 20, by striking out "[2017-
2018] 2019- 2020 " and inserting
[2019-2020] 2020-2021
Amend Bill, page 9, lines 21 and 22, by striking out
"[$1,000,000] $12,000,000" and inserting
$6,000,000
Amend Bill, page 9, line 24, by striking out "[$4,000,000]"
and inserting
[$30,000,000]
Amend Bill, page 9, line 28, by striking out "[2017] 2019"
and inserting
[2019] 2020
Amend Bill, page 9, line 30; page 10, line 1; by striking out
"[25%]" in line 30 on page 9 and "20%" in line 1 on page 10 and
inserting
2020/90VDL/HB1437A06329 - 2 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
20%
Amend Bill, page 10, line 2, by striking out "[and]," and
inserting
,
Amend Bill, page 10, line 3, by striking out "and seventh"
and inserting
and seventh
Amend Bill, page 10, lines 13 through 20, by striking out all
of said lines
Amend Bill, page 10, lines 24 and 25, by striking out "rural
growth" and inserting
rural growth
Amend Bill, page 10, line 29, by striking out "[two] three"
and inserting
three
Amend Bill, page 11, line 5, by striking out "[sixth]
seventh" and inserting
seventh
Amend Bill, page 11, line 6, by striking out "[an] a rural
growth" and inserting
a rural growth
Amend Bill, page 11, line 7, by striking out "rural growth"
and inserting
rural growth
Amend Bill, page 11, lines 9 and 10, by striking out "rural
growth" and inserting
rural growth
Amend Bill, page 11, line 10, by striking out "rural growth"
and inserting
rural growth
Amend Bill, page 11, line 19, by striking out "[fifth] sixth"
2020/90VDL/HB1437A06329 - 3 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
and inserting
sixth
Amend Bill, page 11, lines 21 and 22, by striking out
"[sixth] seventh" and inserting
seventh
Amend Bill, page 11, line 30; page 12, lines 1 and 2; by
striking out all of said lines on said pages and inserting
(4) The rural growth fund invests more than 20% of its
investment authority, exclusive of receipts or redeemed rural
growth investments, in the same rural business, including
amounts invested in affiliates of the rural business.
Amend Bill, page 12, lines 13 through 18, by striking out
"The amount by which a" in line 13 and all of lines 14 through
18 and inserting
[The amount by which a rural growth investment in a
rural business, exclusive of receipts or redeemed rural
growth investments, exceeds 20% of a rural growth fund's
investment authority may not count toward the satisfaction of
the requirements of subsections (a)(1) and (2).]
Amend Bill, page 12, lines 20 through 30; page 13, lines 1
through 15; by striking out all of said lines on said pages
2020/90VDL/HB1437A06329 - 4 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21