city of the first class as provided under the act of March 10,
1949 (P.L.30, No.14), known as the "Public School Code of 1949."
Section 2. The act is amended by adding a section to read:
Section 3.1. School Revitalization Fund.
(a) The School Revitalization Fund is established as a
special fund in the State Treasury. The fund may not lapse.
(b) As calculated by the Department of Revenue, the amount
collected from the decrease to the exemption provided for under
this act for a new construction or from improvements shall be
deposited in the School Revitalization Fund.
(c) The money in the fund shall be distributed
proportionately to each public school in a city of the first
class each year beginning after the first year after the
effective date of this section.
Section 3. Section 5 of the act is amended to read:
Section 5. Exemption schedule.
(a) A local taxing authority granting a tax exemption
pursuant to the provisions of this act may provide for tax
exemption on the assessment of up to 45% of the value
attributable to the actual cost of new construction or
improvements or up to any maximum cost uniformly established by
the municipal governing body. Such maximum cost shall uniformly
apply to all eligible deteriorated property within the local
taxing authority jurisdiction and not exceed 45% of the value of
the actual cost of the new construction or improvements.
(b) Whether or not the assessment eligible for exemption is
based upon actual cost or a maximum cost, the actual amount of
taxes exempted shall be in accordance with the schedule of taxes
exempted established by a local taxing authority subject to the
following limitations:
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