PRINTER'S NO. 463
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
501
Session of
2021
INTRODUCED BY DRISCOLL, BURGOS, SANCHEZ, WARREN, HENNESSEY AND
ROZZI, FEBRUARY 10, 2021
REFERRED TO COMMITTEE ON COMMERCE, FEBRUARY 10, 2021
AN ACT
Amending Title 12 (Commerce and Trade) of the Pennsylvania
Consolidated Statutes, in Pennsylvania Industrial Development
Program, providing for loans to benefit corporations.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Title 12 of the Pennsylvania Consolidated
Statutes is amended by adding a section to read:
§ 3008.1. Loans to benefit corporations.
(a) Interest rates.--If the borrower of a loan under section
3006 (relating to loans for industrial development projects),
3007 (relating to loans for industrial parks) or 3008 (relating
to loans for multiple-tenancy building projects) is a benefit
corporation, the authority shall provide a 1.5% discount on the
standard interest rate of the loan.
(b) Eligibility.--The benefit corporation shall meet all
eligibility requirements under this chapter.
(c) Definitions.--As used in this section, the following
words and phrases shall have the meanings given to them in this
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subsection unless the context clearly indicates otherwise:
"Benefit corporation." As defined in 15 Pa.C.S. § 3302
(relating to definitions).
Section 2. This act shall take effect in 60 days.
20210HB0501PN0463 - 2 -
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