AN ACT

 

1Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
2act relating to tax reform and State taxation by codifying
3and enumerating certain subjects of taxation and imposing
4taxes thereon; providing procedures for the payment,
5collection, administration and enforcement thereof; providing
6for tax credits in certain cases; conferring powers and
7imposing duties upon the Department of Revenue, certain
8employers, fiduciaries, individuals, persons, corporations
9and other entities; prescribing crimes, offenses and
10penalties," in film production tax credit, further providing
11for limitations.

12The General Assembly of the Commonwealth of Pennsylvania
13hereby enacts as follows:

14Section 1. Section 1707-D(a) of the act of March 4, 1971
15(P.L.6, No.2), known as the Tax Reform Code of 1971, amended
16July 2, 2012 (P.L.751, No.85), is amended to read:

17Section 1707-D. Limitations.

18(a) Cap.--In no case shall the aggregate amount of tax
19credits awarded in any fiscal year under this article exceed
20[$60,000,000] $100,000,000. The department may, in its 
21discretion, award in one fiscal year up to:

22(1) Thirty percent of the dollar amount of film

1production tax credits available to be awarded in the next
2succeeding fiscal year.

3(2) Twenty percent of the dollar amount of film
4production tax credits available to be awarded in the second
5successive fiscal year.

6(3) Ten percent of the dollar amount of film production
7tax credits available to be awarded in the third successive
8fiscal year.

9* * *

10Section 2. The amendment of section 1707-D(a) shall apply to
11fiscal years beginning on or after July 1, 2013.

12Section 3. This act shall take effect immediately.