Bill Text: PA SB692 | 2011-2012 | Regular Session | Introduced

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Bill Title: Establishing the PA Works Fund; and imposing duties on the State Treasurer.

Spectrum: Strong Partisan Bill (Democrat 12-1)

Status: (Introduced - Dead) 2011-05-03 - Referred to COMMUNITY, ECONOMIC AND RECREATIONAL DEVELOPMENT [SB692 Detail]

Download: Pennsylvania-2011-SB692-Introduced.html

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PRINTER'S NO. 1165
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No. 692 Session of2011
INTRODUCED BY COSTA, HUGHES, KASUNIC, BOSCOLA, FONTANA, TARTAGLIONE, SOLOBAY, WOZNIAK, YUDICHAK, BREWSTER, FARNESE, LEACH AND WASHINGTON, MAY 3, 2011
REFERRED TO COMMUNITY, ECONOMIC AND RECREATIONAL DEVELOPMENT, MAY 3, 2011
AN ACT
Establishing the PA Works Fund; and imposing duties on the State
Treasurer.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Short title.
This act shall be known and may be cited as the PA Works Fund
Act.
Section 2. Definitions.
The following words and phrases when used in this act shall
have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Department." The Department of Community and Economic
Development of the Commonwealth.
"Fund." The PA Works Fund established by this act.
Section 3. Establishment of fund.
The PA Works Fund is established in the State Treasury.
Section 4. Funding source.
The Department of Revenue shall transfer all revenue received
from the tax imposed under Article VI-A of the act of March 4,
1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, to the
fund on a quarterly basis.
Section 5. Transfers and distributions.
On a semiannual basis the State Treasurer shall transfer all
money in the fund to the department to be used or distributed by
the department as follows:
(1) 37.5% for grants to business for working capital,
infrastructure, training assistance or any other purpose
authorized by the department.
(2) 31.25% for grants for technology and manufacturing
investment, provided that 60% of such funds shall be used as
grants to Ben Franklin Technology Partners and 28% of such
funds shall be distributed to the Commonwealth's Industrial
Resource Centers.
(3) 12.5% to local development agencies for use in
accordance with existing law.
(4) 12.5% to local tourist promotion agencies for use in
accordance with existing law.
(5) 6.25% for international trade and investment
assistance.
Section 6. Guidelines.
The department shall establish guidelines governing use or
distribution of money from the fund under section 5.
Section 20. Effective date.
This act shall take effect immediately.
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