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Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 8704-K. Waterfront development organizations

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) Applications.--An application to qualify as a waterfront development organization must be submitted on a form and in a manner as required by the department.

(b) Information.--An application to qualify as a waterfront development organization shall include all of the following:

(1) Confirmation that the organization is a waterfront development organization.

(2) The age of the organization.

(3) The board of directors meeting schedule.

(4) Waterfront development plans completed within the last five years.

(5) A list of completed, ongoing and planned waterfront development projects.

(c) Approval.--No later than 60 days after a waterfront development organization has submitted an application under this section, the department shall notify a waterfront development organization if the organization meets the requirements of this section for the current fiscal year.

(d) Renewal of waterfront organization status.--A waterfront development organization shall annually file a renewal application on a form provided by the department to maintain eligibility as a waterfront development organization. The renewal application shall include:

(1) The total number of waterfront development projects funded, by municipality, during the immediately preceding year.

(2) The total amount expended for waterfront development projects, by municipality, during the immediately preceding year.

(3) The total amount expended on waterfront development projects, by municipality, attributable to contributions from business firms.

(4) The number of waterfront development projects completed, by municipality, during the immediately preceding year.

(5) A copy of the Federal Form 990 or other Federal form of the waterfront development organization that indicates the tax status of the organization for Federal tax purposes, if any.

(6) A copy of a compilation, review or audit of the financial statements of the waterfront development organization conducted by a certified public accounting firm.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 8704-K. Waterfront development organizations - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-72-ps-taxation-and-fiscal-affairs/pa-st-sect-72-8704-k/

Read this complete Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 8704-K. Waterfront development organizations on Westlaw

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