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Bill > SB792
PA SB792
PA SB792In research and development tax credit, further providing for limitation on credits.
summary
Introduced
06/06/2025
06/06/2025
In Committee
06/06/2025
06/06/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 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 research and development tax credit, further providing for limitation on credits.
AI Summary
This bill amends the Tax Reform Code of 1971 to increase the total amount of research and development (R&D) tax credits that can be approved by the department from $60 million to $120 million in any fiscal year. Specifically, the bill doubles both the overall credit limit and the portion exclusively allocated to small businesses, raising the small business allocation from $12 million to $24 million. The bill maintains a flexible provision that allows unused credits from either the small business or non-small business group to be reallocated to the other group if not fully utilized in a given fiscal year. This change aims to provide more financial support for research and development activities across businesses of different sizes, potentially encouraging innovation and technological advancement in Pennsylvania. The bill will take effect 60 days after its enactment.
Committee Categories
Business and Industry
Sponsors (11)
Frank Farry (R)*,
Maria Collett (D),
Jay Costa (D),
Art Haywood (D),
Vincent Hughes (D),
Dan Laughlin (R),
Nick Miller (D),
Tracy Pennycuick (R),
Nickolas Pisciottano (D),
Devlin Robinson (R),
Steve Santarsiero (D),
Last Action
Referred to Institutional Sustainability & Innovation (on 06/06/2025)
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