Section 9923-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).
Amended by P.L.1242021 No. 25, § 36, eff. 6/30/2021.