PRINTER'S NO. 1381
No. 1090 Session of 2007
INTRODUCED BY BROWNE, RAFFERTY, ERICKSON, ORIE, ARMSTRONG, PIPPY, WONDERLING, BAKER AND WAUGH, SEPTEMBER 17, 2007
REFERRED TO FINANCE, SEPTEMBER 17, 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 limitation on research and 11 development tax credits. 12 The General Assembly of the Commonwealth of Pennsylvania 13 hereby enacts as follows: 14 Section 1. Section 1709-B(a) of the act of March 4, 1971 15 (P.L.6, No.2), known as the Tax Reform Code of 1971, amended 16 July 12, 2006 (P.L.1137, No.116), is amended to read: 17 Section 1709-B. Limitation on Credits.--(a) The total 18 amount of credits approved by the department shall not exceed 19 [forty million dollars ($40,000,000)] sixty million dollars 20 ($60,000,000) in any fiscal year. Of that amount, eight million 21 dollars ($8,000,000) shall be allocated exclusively for small 22 businesses and twenty million dollars ($20,000,000) shall be
1 allocated exclusively for alternative energy research and 2 development. However, if the total amounts allocated to either 3 the group of applicants exclusive of small businesses or the 4 group of small business applicants is not approved in any fiscal 5 year, the unused portion will become available for use by the 6 other group of qualifying taxpayers. 7 * * * 8 Section 2. This act shall take effect immediately. I11L72MSP/20070S1090B1381 - 2 -