72 Pa. Stat. § 8702-K

Current through Pa Acts 2024-53, 2024-56 through 2024-92

Section 8702-K - 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:

"Business firm." An entity authorized to do business in this Commonwealth and subject to taxes imposed under Article III, IV, VI, VII, VIII, IX or XV or the tax under Article XVI of the act of May 17, 1921 (P.L.682, No.284), known as The Insurance Company Law of 1921. The term includes a pass-through entity.

"Contribution." A donation of cash or personal property made by a business firm to a waterfront development organization to fund a waterfront development project under this article.

"Department." The Department of Community and Economic Development of the Commonwealth.

"Pass-through entity." Any of the following:

(1) A partnership as defined under section 301(n.0).

(2) A Pennsylvania S corporation as defined under section 301(n.1).

(3) An unincorporated entity subject to section 307.21.

"Tax credit." The waterfront development tax credit authorized by this article.

"Waterfront." A site that is directly adjacent to a body of water.

"Waterfront development organization." An authority established under the act of December 6, 1972 (P.L.1392, No.298), known as the Third Class City Port Authority Act, or a nonprofit entity that meets all of the following:

(1) For a nonprofit entity, is exempt from Federal taxation under section 501(c)(3) of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 501(c)(3) ).

(2) Has been in existence for a minimum of five years.

(3) Has a board of directors which meets at least once annually.

(4) Has completed a waterfront development plan.

"Waterfront development plan." A plan approved by the Department of Community and Economic Development that meets all of the following:

(1) Provides for the development or enhancement of waterfront property that creates public access to the water, increases property values, restores ecology and catalyzes further financial investment and job creation to incentivize future economic development.

(2) Adheres to current environmental practices.

(3) Considers and integrates approaches that support natural and native habitat.

(4) Considers and integrates architectural and landscape design elements and standards.

"Waterfront development project." A project to develop a waterfront site or area or a project that creates or improves public access and connections to the waterfront. The term may include:

(1) Streets and public rights-of-way.

(2) Waterfront parks, gardens and open spaces.

(3) Enhancement of access to public utilities.

(4) The promotion of erosion control, storm water management and other environmental projects that promote economic development.

(5) Water transportation facilities for use by the public, including water transit landings and boat docking.

(6) Amenities, including infrastructure and recreational projects.

72 P.S. § 8702-K

Added by P.L. TBD 2016 No. 84, § 33, eff. 7/13/2016.