PRINTER'S NO. 886
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
763
Session of
2021
INTRODUCED BY ARGALL, SAVAL, STREET, FONTANA AND COSTA,
JUNE 11, 2021
REFERRED TO URBAN AFFAIRS AND HOUSING, JUNE 11, 2021
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in Pennsylvania Housing Tax Credit, further
providing for Pennsylvania Housing Tax Credit and for annual
report.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Sections 1903-G(b), (c) and (d)(1) and 1910-G(a)
of the act of March 4, 1971 (P.L.6, No.2), known as the Tax
Reform Code of 1971, added November 3, 2020 (P.L.1074, No.107),
are amended to read:
Section 1903-G. Pennsylvania Housing Tax Credit.
* * *
(b) Availability.--[Tax credits may not be awarded under
this article until the notice under subsection (c.1) is
published.]
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(1) Beginning in fiscal year 2021-2022 and each fiscal
year thereafter, the agency may award a total of $10,000,000
in tax credits per fiscal year in accordance with this
article.
(2) In addition to the amount available under paragraph
(1), the agency may award unallocated tax credits from the
preceding fiscal year.
(c) Maximum amount.--[(Reserved).] No taxpayer may be
awarded a tax credit in an amount that exceeds $1,500,000 for a
qualified low-income housing project.
* * *
(d) Application.--
[(1) The agency may not accept applications for a tax
credit under this section until the notice under subsection
(c.1) is published.]
* * *
Section 1910-G. Annual report.
(a) Duty of agency.--By [the first September 30 of the
calendar year after the notice under 1903-G(c.1) is published
and each September 30] June 30, 2022, and each June 30
thereafter, the agency shall submit a report on the tax credit
to the chairperson and minority chairperson of the
Appropriations Committee of the Senate, the chairperson and
minority chairperson of the Appropriations Committee of the
House of Representatives, the chairperson and minority
chairperson of the Urban Affairs and Housing Committee of the
Senate and the chairperson and minority chairperson of the Urban
Affairs Committee of the House of Representatives. The report
shall include the following information for the prior fiscal
year:
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(1) The number and amount of tax credits awarded [in the
prior fiscal year].
(2) The taxpayers that were awarded tax credits [in the
prior fiscal year].
(3) The amount of tax credits issued to each taxpayer
[in the prior fiscal year].
* * *
Section 2. This act shall take effect immediately.
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