115 Tax Waiver

(1) Except where a Tax Waiver:

(a) offers Economic benefit to the State, no Taxable item of Revenue imposed by any Law applicable in the State shall be waived.

(b) cannot be effectively recovered by the Service due to the conditions specified in Section 48 of the Revenue Code, no Taxable item of Revenue imposed by any Law applicable in the State shall be waived.

(2) The Tax Waiver specified in sub-section (1)(a) above, shall be subject to the approval of the State House of Assembly upon Application by the Service made through the Revenue Council.