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Bill > HB2565

PA HB2565

PA HB2565
In Pennsylvania Economic Development for a Growing Economy (PA EDGE) Tax Credits, repealing provisions relating to local resource manufacturing and for Pennsylvania Milk Processing and providing for Reliable Energy Investment Tax Credit and for Pennsylvania Milk Processing; in Regional Clean Hydrogen Hubs, further providing for definitions, for eligibility, for application and approval of tax credit, for use of tax credits and for applicability; in semiconductor manufacturing and biomedical manu

summary

Introduced
09/17/2024
In Committee
11/07/2024
Crossed Over
10/23/2024
Passed
Dead
12/31/2024

Introduced Session

Potential new amendment
2023-2024 Regular Session

Bill Summary

Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An <-- act relating to tax reform and State taxation by codifying and enumerating certain subjects of taxation and imposing taxes thereon; providing procedures for the payment, collection, administration and enforcement thereof; providing for tax credits in certain cases; conferring powers and imposing duties upon the Department of Revenue, certain employers, fiduciaries, individuals, persons, corporations and other entities; prescribing crimes, offenses and penalties," in Pennsylvania Economic Development for a Growing Economy (PA EDGE) tax credits relating to semiconductor manufacturing and biomedical manufacturing and research, further providing for definitions, for eligibility, for application and approval of credits and for sale or assignment. AMENDING THE ACT OF MARCH 4, 1971 (P.L.6, NO.2), ENTITLED "AN <-- ACT RELATING TO TAX REFORM AND STATE TAXATION BY CODIFYING AND ENUMERATING CERTAIN SUBJECTS OF TAXATION AND IMPOSING TAXES THEREON; PROVIDING PROCEDURES FOR THE PAYMENT, COLLECTION, ADMINISTRATION AND ENFORCEMENT THEREOF; PROVIDING FOR TAX CREDITS IN CERTAIN CASES; CONFERRING POWERS AND IMPOSING DUTIES UPON THE DEPARTMENT OF REVENUE, CERTAIN EMPLOYERS, FIDUCIARIES, INDIVIDUALS, PERSONS, CORPORATIONS AND OTHER ENTITIES; PRESCRIBING CRIMES, OFFENSES AND PENALTIES," IN PENNSYLVANIA ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY (PA EDGE) TAX CREDITS, REPEALING PROVISIONS RELATING TO LOCAL RESOURCE MANUFACTURING AND FOR PENNSYLVANIA MILK PROCESSING AND PROVIDING FOR RELIABLE ENERGY INVESTMENT TAX CREDIT AND FOR PENNSYLVANIA MILK PROCESSING; IN REGIONAL CLEAN HYDROGEN HUBS, FURTHER PROVIDING FOR DEFINITIONS, FOR ELIGIBILITY, FOR APPLICATION AND APPROVAL OF TAX CREDIT, FOR USE OF TAX CREDITS AND FOR APPLICABILITY; IN SEMICONDUCTOR MANUFACTURING AND BIOMEDICAL MANUFACTURING AND RESEARCH, FURTHER PROVIDING FOR DEFINITIONS AND FOR APPLICATION AND APPROVAL OF TAX CREDIT AND PROVIDING FOR SUSTAINABLE AVIATION FUEL; AND, IN APPLICATION OF PREVAILING WAGE ACT, FURTHER PROVIDING FOR DEFINITIONS.

AI Summary

This bill amends the Tax Reform Code of 1971 to: - Repeal provisions relating to local resource manufacturing and Pennsylvania Milk Processing, and provide for a Reliable Energy Investment Tax Credit and for Pennsylvania Milk Processing. - Further amend the Regional Clean Hydrogen Hubs provisions, including changing the definitions, eligibility, application and approval, use of tax credits, and applicability. - Amend the definitions and provisions for application and approval of tax credits for semiconductor manufacturing and biomedical manufacturing and research, and provide for a Sustainable Aviation Fuel tax credit. - Further amend the application of the Prevailing Wage Act. The bill aims to promote investment, job creation, and use of clean energy and sustainable aviation fuel in Pennsylvania through various tax credit programs.

Committee Categories

Budget and Finance

Sponsors (14)

Last Action

Referred to FINANCE (on 11/07/2024)

Bill Topics

Energy
  • ‐ Alternative and Renewable Energy
Macroeconomics
  • ‐ Industrial Policy
  • ‐ Taxation, Tax Policy, and Tax Reform

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