PRINTER'S NO. 254
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
334
Session of
2023
INTRODUCED BY STREET, FONTANA, KANE AND COSTA, JANUARY 31, 2023
REFERRED TO FINANCE, JANUARY 31, 2023
AN ACT
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; and providing for Angel
Investment Tax Credit.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1709-B(a) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, amended
July 8, 2022 (P.L.513, No.53), is amended to read:
Section 1709-B. Limitation on Credits.--(a) The total
amount of credits approved by the department shall not exceed
[sixty million dollars ($60,000,000)] one hundred million
dollars ($100,000,000) in any fiscal year. Of that amount,
[twelve million dollars ($12,000,000)] twenty million dollars
($20,000,000) shall be allocated exclusively for small
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