S0321B0329A04230 PWK:AAS 05/19/22 #90 A04230
AMENDMENTS TO SENATE BILL NO. 321
Sponsor: SENATOR HUTCHINSON
Printer's No. 329
Amend Bill, page 1, lines 1 through 18, by striking out all
of said lines and inserting
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 entertainment production tax credit, further
providing for limitations.
Amend Bill, page 1, lines 21 through 26; pages 2 through 14,
lines 1 through 30; page 15, lines 1 through 27; by striking out
all of said lines on said pages and inserting
Section 1. Section 1716-D(a) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
to read:
Section 1716-D. Limitations.
(a) Cap.--Except for tax credits reissued under section
1716.1-D, in no case shall the aggregate amount of tax credits
awarded in any fiscal year under this subarticle exceed
[$70,000,000] $125,000,000. The department may, in its
discretion, award in one fiscal year up to:
(1) Thirty percent of the dollar amount of film
production tax credits available to be awarded in the next
succeeding fiscal year.
(2) Twenty percent of the dollar amount of film
production tax credits available to be awarded in the second
successive fiscal year.
(3) Ten percent of the dollar amount of film production
tax credits available to be awarded in the third successive
fiscal year.
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Section 2. The amendment of section 1716-D(a) of the act
shall apply to fiscal years beginning on or after July 1, 2022.
Section 3. This act shall take effect immediately.
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