Bill > HB42

This bill amends the Tax Reform Code of 1971 to create a "Depressed Area Tax Credit" program. The key provisions are: 1) A business firm that contributes to an educational program for students in a "depressed area" (as certified by the Department of Community and Economic Development) can receive a tax credit, subject to an annual $5 million cap. 2) The business firm can carry over any unused credit for up to 7 years and can sell or assign the credit to another entity. 3) Pass-through entities (like partnerships and S-corporations) can transfer the credit to their shareholders, members, or partners. 4) The Departments of Community and Economic Development and Revenue will jointly develop guidelines for administering the program. The bill aims to incentivize businesses to invest in educational programs in economically disadvantaged areas of Pennsylvania.