Bill > HB1059

This bill amends the Tax Reform Code of 1971 to make several changes, including: - Increasing the income threshold for when individuals, trusts and estates must make declarations of estimated personal income tax from $8,000 to a gradually increasing amount up to $20,000 by 2028. - Increasing the transfer limit for realty transfer tax revenue from $40 million to $60 million annually starting in fiscal year 2023-2024. - Replacing the "Local Resource Manufacturing Tax Credit" with a new "Pennsylvania Economic Development for a Growing Economy (PA EDGE) Tax Credits" program, which provides tax credits for the manufacture of petrochemicals, fertilizers, milk, clean hydrogen, and semiconductor/biomedical products. - Requiring prevailing wage to be paid for construction work on project facilities receiving the new PA EDGE tax credits. - Providing for reporting requirements to the General Assembly on the tax credits. The bill also makes various other technical and administrative changes related to the new tax credit programs.