H0036B1244A01317 AJB:SRA 05/02/13 #90 A01317

 

 

 

 

AMENDMENTS TO HOUSE BILL NO. 36

Sponsor: REPRESENTATIVE MIRANDA

Printer's No. 1244

 

1Amend Bill, page 9, lines 19 through 30; page 10, lines 1
2through 7, by striking out all of said lines on said pages and
3inserting

4§ 3811.  Reports.

5The secretary shall submit an annual report to the chair and 
6minority chair of the standing committees in the Senate and the 
7chair and minority chair of the standing committees in the House 
8of Representatives with jurisdiction over the department and the 
9Department of Revenue indicating the effectiveness of the tax 
10credit provided under this chapter no later than March 15 
11following the fiscal year in which the tax credits were 
12approved. Notwithstanding any law providing for the 
13confidentiality of tax records, the report shall include all of 
14the following:

15(1) The names of all taxpayers awarded the tax credits.

16(2) All taxpayers utilizing the tax credits.

17(3) The amount of tax credits approved and utilized by 
18each taxpayer.

19(4) The names and locations of the qualified business 
20ventures for which the tax credits were awarded.

21(5) The effect of the tax credit on the level of
22qualified investment.

23(6) The amount of county economic activity and impact, 
24including the number of jobs and the wages of the jobs, 
25generated by qualified business ventures along with job 
26training opportunities that have arisen as a result of 
27receiving the tax credit.

28(7) The incremental change in State and local taxes paid
29as a result of the tax credit.

30(8) The net benefit of the tax credit to the economy of 
31this Commonwealth as compared to alternative uses, such as 
32reducing the corporate net income tax rate or increasing the 
33research and development tax credit under Articles IV and 
34XVII-B of the act of March 4, 1971 (P.L.6, No.2), known as 
35the Tax Reform Code of 1971.

36The report may also include any recommendations for changes in
37the calculation or administration of the tax credit. The report

1and the information contained in it shall be considered a public
2record under section 102 of the act of February 14, 2008 (P.L.6,
3No.3), known as the Right-to-Know Law.

 

See A01317 in
the context
of HB0036