Section 7.334. Qualified small issue bonds

An amount equal to $345,837,500 shall be allocated for qualified small issue bonds under section 144(a) of the Internal Revenue Code, as amended by section 1301(b) of the Tax Reform Act of 1986 (26 U.S.C.A. § 1301(b)). This amount shall be allocated among counties by the Secretary of Commerce in accordance with the formula in section 5(a)(1) of the Tax-Exempt Bond Allocation Act (73 P. S. § 397.5(a)(1)). Requests to apply this allocation to specific projects or uses will be reviewed and may be approved or disapproved by the Secretary of Commerce. Applications for allocations shall be made to the Bureau of Economic Assistance in the Department of Commerce. The Secretary shall provide allocations for qualified small issue bonds utilizing the procedures and subject to the requirements imposed by 12 Pa. Code § 63.3 (relating to procedures).

The provisions of this § 7.334 adopted by Executive Order 1987-1, dated January 7, 1987, effective January 1, 1987, 17 Pa.B. 240; corrected February 6, 1987, 17 Pa.B. 626.

Notation

Cross References

This section cited in 4 Pa. Code § 7.336 (relating to reallocations); and 12 Pa. Code § 63.2 (relating to provisions of the Tax-Exempt Bond Allocation Act suspended).