Pennsylvania Act 2001-74 — TAX STABILIZATION RESERVE FUND ACT - AMEND REVENUE SURPLUS TRANSFER AND FUNDING

Act text

TAX STABILIZATION RESERVE FUND ACT - AMEND REVENUE SURPLUS TRANSFER AND
                                 FUNDING
                  Act of Jun. 25, 2001, P.L. 733, No. 74              Cl. 71
                             Session of 2001
                               No. 2001-74

     SB 976

                                  AN ACT

     Amending the act of July 1, 1985 (P.L.120, No.32), entitled "An
        act creating a special fund in the Treasury Department for
        use in attracting major industry into this Commonwealth;
        establishing a procedure for the appropriation and use of
        moneys in the fund; establishing the Tax Stabilization
        Reserve Fund; and providing for expenditures from such
        account," providing for transfer of portion of revenue
        surplus; further providing for funding; and making a repeal.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  Section 201 of the act of July 1, 1985 (P.L.120,
     No.32), entitled "An act creating a special fund in the Treasury
     Department for use in attracting major industry into this
     Commonwealth; establishing a procedure for the appropriation and
     use of moneys in the fund; establishing the Tax Stabilization
     Reserve Fund; and providing for expenditures from such account,"
     is amended to read:
      Section 201.  Short title.
        This [chapter] act shall be known and may be cited as the Tax
     Stabilization Reserve Fund Act.
        Section 2.  The act is amended by adding a section to read:
      Section 203.1.  Transfer of portion of surplus.
        For the fiscal year beginning July 1, 2001, and in any fiscal
     year thereafter in which the Secretary of the Budget certifies
     that there is a surplus of operating funds in the General Fund,
     10% of such surplus shall be deposited by the end of the next
     succeeding quarter into the Tax Stabilization Reserve Fund.
        Section 3.  Section 204 of the act is amended to read:
      Section 204.  Funding.
        (a)  Appropriated funds.--The General Assembly may at any
     time provide additional amounts from any funds available to this
     Commonwealth as an appropriation to the Tax Stabilization
     Reserve Fund.
        (b)  Intent.--It is hereby declared as the intent and goal of
     the General Assembly to create a stabilization reserve in an
     eventual amount not to exceed [3%] 6% of the estimated revenues
     of the General Fund of the Commonwealth.
        Section 4.  Section 622 of the act of April 9, 1929 (P.L.177,
     No.175), known as The Administrative Code of 1929, is repealed.
        Section 5.  This act shall take effect immediately.

     APPROVED--The 25th day of June, A. D. 2001.

     THOMAS J. RIDGE