Section 912.5 - Termination of elections(a) Any political subdivision of the Commonwealth or any instrumentality of any one or more thereof, which has made an election pursuant to the provisions of sections 1202.1 and 1202.2 may terminate such election by filing with the department a written notice thereof not later than thirty days prior to the beginning of the taxable year for which such termination notice is to be effective. Such action shall be approved by the department only if all payments and reports have been made by such terminating organization as required by the provisions of this act.(b) If any political subdivision of the Commonwealth or any instrumentality of any one or more thereof, is delinquent in making payments in lieu of contributions as required under section 1202.4, the department may terminate such election to make payments in lieu of contributions as of the beginning of the next taxable year and such termination shall be effective for that and the next taxable year.1936, Second Ex.Sess., Dec. 5, P.L. (1937) 2897, art. XII, § 1202.5, added 1977, July 6, P.L. 41, No. 22, § 13, effective 1/1/1978.