Section 2923-D. Limitations.
(a) Total.--The total amount of State tax refunds approved by the department under this article shall not exceed $7,000,000 in any fiscal year.
(b) Allocation.--If the total amount of tax refunds approved for all applicants exceeds the limitation on the amount of tax refunds in subsection (a) in a fiscal year, the tax refund to be received by each applicant shall be determined as follows:
(1) Divide:
(i) the tax refund approved for the applicant; by
(ii) the total of all tax refunds approved for all applicants.
(2) Multiply:
(i) the amount under subsection (a); by
(ii) the quotient under paragraph (1).
(3) The algebraic form of the calculation under this subsection is:
Taxpayer's tax refund = amount allocated for those tax refunds X (tax refund approved for the applicant/total of all tax refunds approved for all applicants).
(2923-D renumbered from 2914-D June 30, 2021, P.L.124, No.25)