Section 7. Annual report.
(a) Development of report.--The department shall publish a
report by December 31, 2016, and every year thereafter for the
immediately preceding fiscal year. The report shall provide
information regarding the operation of the program, including:
(1) The number of program applications received and
approved by the department.
(2) The amount of each loan issued under the program by
the department.
(3) Any department recommendations for improvements and
adjustments to program guidelines.
(b) Submission.--The annual report shall be submitted to the
Governor, the chairman and minority chairman of the
Appropriations Committee of the Senate, the chairman and
minority chairman of the Community, Economic and Recreational
Development Committee of the Senate, the chairman and minority
chairman of the Appropriations Committee of the House of
Representatives and the chairman and minority chairman of the
Commerce Committee of the House of Representatives.
Section 8. Tax applicability.
Loan forgiveness under this act shall not be considered
taxable income for purposes of Article III of the act of March
4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971.
Section 9. Responsibility of the department.
The department shall administer the program and shall adopt
such regulations, guidelines, policies, procedures and forms as
are necessary and not inconsistent with the provisions of this
act.
Section 10. Effective date.
This act shall take effect in 90 days.
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