Pennsylvania Act 2002-74 — TAX STABILIZATION RESERVE FUND - AMEND TRANSFER OF PORTION OF REVENUE SURPLUS

Act text

TAX STABILIZATION RESERVE FUND - AMEND TRANSFER OF PORTION OF REVENUE
                                 SURPLUS
                  Act of Jun. 28, 2002, P.L. 464, No. 74              Cl. 71
                             Session of 2002
                               No. 2002-74

     SB 1429

                                  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," further providing for transfer of portion of
        revenue surplus.

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

        Section 1.  Section 203.1 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," added June 25, 2001 (P.L.733, No.74), is
     amended to read:
      Section 203.1.  Transfer of portion of surplus.
        For the fiscal year beginning July 1, [2001] 2002, 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 2.  This act shall take effect immediately.

     APPROVED--The 28th day of June, A. D. 2002.

     MARK S. SCHWEIKER