PRINTER'S NO. 2886
No. 2048 Session of 2007
INTRODUCED BY REED, REICHLEY, ARGALL, BAKER, BEAR, BEYER, BOYD,
BROOKS, CAUSER, CLYMER, CUTLER, DALLY, J. EVANS, EVERETT,
FAIRCHILD, GINGRICH, GOODMAN, GRELL, HARPER, HERSHEY, HESS,
HORNAMAN, MACKERETH, MAJOR, MARSICO, McILVAINE SMITH,
MICOZZIE, R. MILLER, MURT, MUSTIO, NAILOR, NICKOL, O'NEILL,
PETRI, PICKETT, PYLE, RAPP, ROAE, RUBLEY, SAYLOR, SCAVELLO,
SCHRODER, SIPTROTH, SONNEY, R. STEVENSON, SWANGER, R. TAYLOR,
TRUE AND YOUNGBLOOD, NOVEMBER 21, 2007
REFERRED TO COMMITTEE ON FINANCE, NOVEMBER 21, 2007
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," further providing for limitations.
11 The General Assembly of the Commonwealth of Pennsylvania
12 hereby enacts as follows:
13 Section 1. Section 1707-D of the act of March 4, 1971
14 (P.L.6, No.2), known as the Tax Reform Code of 1971, added July
15 25, 2007 (P.L.373, No.55), is amended to read:
16 Section 1707-D. Limitations.
17 (a) Cap.--In no case shall the aggregate amount of tax
18 credits awarded in any fiscal year under this article exceed
19 [$75,000,000] $55,000,000.
1 (b) Individual limitations.--The following shall apply:
2 (1) The aggregate amount of film production tax credits
3 awarded by the department under section 1703-D(d) to a
4 taxpayer for a film may not exceed 25% of the qualified film
5 production expenses to be incurred.
6 (2) A taxpayer that has received a grant under 12
7 Pa.C.S. § 4106 (relating to approval) shall not be eligible
8 for a film production tax credit under this act for the same
9 film.
10 Section 2. In order to adequately fund the Hazardous Sites
11 Cleanup Fund for fiscal year 2007-2008, the State Treasurer
12 shall transfer $20,000,000 from the General Fund to the
13 Hazardous Sites Cleanup Fund established in section 602.3 of the
14 act.
15 Section 3. This act shall take effect immediately.
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