PRINTER'S NO. 1774
No. 1429 Session of 1976
INTRODUCED BY CIANFRANI, MARCH 29, 1976
REFERRED TO APPROPRIATIONS, MARCH 29, 1976
AN ACT
1 Amending the act of August 23, 1967 (P.L.251, No.102), entitled,
2 as amended, "An act providing for the incorporation as public
3 instrumentalities of the Commonwealth and as bodies corporate
4 and politic of industrial and commercial development
5 authorities for municipalities, counties and townships;
6 prescribing the rights, powers and duties of such authorities
7 hereafter incorporated; authorizing such authorities to
8 acquire, by gift or purchase, to construct, improve and
9 maintain industrial, specialized, or commercial development
10 projects including projects for the elimination or prevention
11 of blight and the control of air and water pollution, and to
12 borrow money and issue bonds therefor; providing for the
13 payment of such bonds and giving security therefor, and
14 prescribing the rights of the holders of such bonds;
15 authorizing the lease or sale of industrial, specialized, or
16 commercial development projects to industrial, specialized
17 or, commercial enterprises; authorizing any county,
18 municipality or township to transfer or convey to such
19 authorities, any facilities or property available for
20 industrial, specialized, or commercial development projects;
21 exempting the property and securities of such authorities
22 from taxation; authorizing such authorities to enter into
23 contracts with and to accept grants from the Federal
24 Government or any agency thereof; and providing for approval
25 by the Secretary of Commerce of the proceedings relating to
26 industrial, specialized, or commercial development projects
27 of such authorities," further providing for certain
28 exemptions from taxation.
29 The General Assembly of the Commonwealth of Pennsylvania
30 hereby enacts as follows:
31 Section 1. Section 15, act of August 23, 1967 (P.L.251,
1 No.102), known as the "Industrial and Commercial Development
2 Authority Law," amended December 19, 1975 (No.165), is amended
3 to read:
4 Section 15. Exemption From Taxation.--The effectuation of
5 the authorized purpose of authorities created under this act
6 shall and will be in all respects for the benefit of the people
7 of the Commonwealth of Pennsylvania, for the increase of their
8 commerce and prosperity, and for the improvement of their health
9 and living conditions; and, since they will as public
10 instrumentalities of the Commonwealth be performing essential
11 governmental functions in effectuating such purposes,
12 authorities shall not be required to pay any taxes or
13 assessments upon any property acquired or used by them for such
14 purposes, and the bonds issued by any authority, their transfer
15 and the income therefrom, (including any profits made on the
16 sale thereof) shall at all times be free from taxation within
17 the Commonwealth of Pennsylvania. [The scope of the foregoing
18 exemption from taxation includes, but is not limited to,
19 property taxes, excise taxes for the privilege of doing
20 business, and taxes measured or determined by income or net
21 earnings.]
22 Section 2. This act shall take effect immediately and shall
23 be retroactive to December 19, 1975.
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