Section 174 - Savings.

Savings clause preserves existing tax liabilities and ongoing proceedings despite repeal or amendment of prior Acts under earlier law.

The provision preserves the prior operation of amended or repealed Acts and anything duly done thereunder, prevents revival of provisions not in force at amendment, and protects rights, privileges, obligations and liabilities acquired or incurred under earlier statutes; it allows investigations, assessments, adjudications, appeals and recovery proceedings to be instituted or continued and preserves taxes, surcharges, penalties, fines, interest, forfeitures and punishments as if repeal or amendment had not occurred, while providing that tax exemptions by notification do not continue if rescinded on or after the appointed day.