H0752B0888A01214 SFL:BTW 05/05/15 #90 A01214
AMENDMENTS TO HOUSE BILL NO. 752
Sponsor: REPRESENTATIVE SAYLOR
Printer's No. 888
Amend Bill, page 1, line 10, by inserting after "penalties,""
in educational tax credits,
Amend Bill, page 1, line 10, by inserting after "for"
tax credits and for
Amend Bill, page 1, lines 13 through 15, by striking out all
of said lines and inserting
Section 1. Sections 1705-F(j) and 1706-F(a) of the act of
March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of
1971, amended October 31, 2014 (P.L.2929, No.194), are amended
to read:
Section 1705-F. Tax credits.
* * *
(j) Reallocation of tax credits.--
(1) Beginning on January 1 of any fiscal year, if any
tax credits authorized under this article for contributions
to any of the categories of scholarship organizations,
opportunity scholarship organizations or pre-kindergarten
scholarship organizations remain unawarded, such unawarded
tax credits may be reallocated to any of the categories of
scholarship organizations, opportunity scholarship
organizations or pre-kindergarten scholarship organizations
for which all available tax credits have been awarded. The
department shall, within ten business days, inform each
business firm on the waiting list maintained by the
department under subsection (h) that tax credits remain
available under another category for which the business firm
has not yet applied. If a business firm notified under this
paragraph elects, the department shall reallocate available
tax credits for award to the business firm in the business
firm's preferred tax credit category, notwithstanding the
limitations contained in section 1706-F(a). The amount of tax
credits to be awarded to a business firm under this paragraph
shall not exceed the amount of tax credits available for
reallocation or the maximum amount of tax credits for which a
business firm is eligible under subsections (a), (a.1), (c)
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and (d). Each business firm shall have ten business days from
the date of the department's notice to elect a reallocation
of tax credits under this paragraph. The department shall
award tax credits on a first-come, first-served basis.
(2) After the department has awarded tax credits under
paragraph (1), the department shall accept new applications
for reallocation of tax credits from any of the categories of
scholarship organizations, opportunity scholarship
organizations or pre-kindergarten scholarship organizations
for which tax credits remain available to the applicant's
preferred category of scholarship organizations, opportunity
scholarship organizations or pre-kindergarten scholarship
organizations for which all available tax credits have been
awarded, notwithstanding any limitations contained in section
1706-F(a). The amount of tax credits to be awarded to a
business firm under this paragraph shall not exceed the
amount of tax credits available for reallocation or the
maximum amount of tax credits for which a business firm is
eligible under subsections (a), (a.1), (c) and (d). The
department shall award tax credits on a first-come, first-
served basis.
(2.1) In any fiscal year, the first $10,000,000 in tax
credits available for reallocation under paragraphs (1) and
(2) shall be set aside for contributions to pre-kindergarten
scholarship organizations. If $10,000,000 in tax credits have
not been awarded to pre-kindergarten scholarship
organizations under paragraphs (1) and (2) prior to March 1
of any fiscal year, the remaining tax credits available for
reallocation under paragraphs (1) and (2) shall be made
available for contributions to any of the categories of
scholarship organizations, opportunity scholarship
organizations or pre-kindergarten scholarship organizations.
(3) No tax credits shall be awarded under this
subsection until the department has completed the award of
tax credits for applications made under subsection (i).
(4) The department shall not reallocate tax credits from
any of the categories of scholarship organizations,
opportunity scholarship organizations or pre-kindergarten
scholarship organizations to the category of educational
improvement organizations.
(5) Subsections (b) and (g) shall not apply to an
application for reallocation of tax credits under this
subsection.
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