Section 1601-H.1. Definitions.
The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Closing date." As defined in section 1822-G of the Tax Reform Code.
"Credit-eligible capital contribution." An investment of cash by a business firm in a rural growth fund that equals the amount specified on a tax credit certificate issued by the department under section 1829-G of the Tax Reform Code. The investment shall purchase an equity interest in the rural growth fund or purchase, at par value or premium, a debt instrument that has a maturity date at least five years from the closing date.
"Department." The Department of Community and Economic Development of the Commonwealth.
"Investment authority." The amount stated on the notice issued under section 1824-G of the Tax Reform Code approving the rural growth fund.
"Program one tax credit authority." Investment authority issued by the department before January 1, 2024.
"Program two tax credit authority." Investment authority issued by the department on or after January 1, 2024.
"Rural growth fund." An entity approved by the department under section 1824-G of the Tax Reform Code.
"Tax credit." The Rural Jobs and Investment Tax Credit provided under Part II of Article XVIII-G of the Tax Reform Code.
"Tax Reform Code." The act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971.
(1601-H.1 added July 12, 2026, P.L.265, No.21)