PRINTER'S NO. 1620
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
1077
Session of
2018
INTRODUCED BY HUGHES, SCHWANK, HAYWOOD, BREWSTER, FARNESE AND
COSTA, APRIL 6, 2018
REFERRED TO FINANCE, APRIL 6, 2018
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 manufacturing and investment tax credit,
further providing for business firms and for tax credit
certificates.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Sections 1828-G(c) and 1829-G(b)(3) of the act of
March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of
1971, are amended to read:
Section 1828-G. Business firms.
* * *
(c) Limitation.--The following shall apply:
(1) For fiscal year 2017-2018, the department may not
approve more than $4,000,000 in credit-eligible capital
contributions under this part.
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(2) For fiscal year 2018-2019, the department may not
approve more than $5,000,000 in credit-eligible capital
contributions under this part.
(3) For fiscal year 2019-2020, the department may not
approve more than $10,000,000 in credit-eligible capital
contributions under this part.
(4) For fiscal year 2020-2021, the department may not
approve more than $15,000,000 in credit-eligible capital
contributions under this part.
(5) For fiscal year 2021-2022 and each fiscal year
thereafter, the department may not approve more than
$20,000,000 in credit-eligible capital contributions under
this part.
Section 1829-G. Tax credit certificates.
* * *
(b) Review, recommendation and approval.--
* * *
(3) In awarding tax credit certificates under this part,
[the department:
(i) Beginning with] the following shall apply:
(i) In regards to utilization of tax credits, the
department:
(A) for fiscal year 2017-2018, may not award tax
credit certificates that would result in the
utilization of more than $1,000,000 in tax credits in
[any] fiscal year 2017-2018, except for tax credits
carried forward;
(B) for fiscal year 2018-2019, may not award tax
credit certificates that would result in the
utilization of more than $5,000,000 in tax credits in
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fiscal year 2018-2019, except for tax credits carried
forward;
(C) for fiscal year 2019-2020, may not award tax
credit certificates that would result in the
utilization of more than $10,000,000 in tax credits
in fiscal year 2019-2020, except for tax credits
carried forward;
(D) for fiscal year 2020-2021, may not award tax
credit certificates that would result in the
utilization of more than $15,000,000 in tax credits
in fiscal year 2020-2021, except for tax credits
carried forward; and
(E) for fiscal year 2021-2022 and for each
fiscal year thereafter, may not award tax credit
certificates that would result in the utilization of
more than $20,000,000 in tax credits in fiscal year
2021-2022 or any fiscal year thereafter, except for
tax credits carried forward.
(ii) [May] In regards to tax credit certificates,
the department:
(A) for fiscal year 2017-2018, may not award
more than $4,000,000 in tax credit certificates, in
the aggregate, under this part[.];
(B) for fiscal year 2018-2019, may not award
more than $5,000,000 in tax credit certificates, in
the aggregate, under this part;
(C) for fiscal year 2019-2020, may not award
more than $10,000,000 in tax credit certificates, in
the aggregate, under this part;
(D) for fiscal year 2020-2021, may not award
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more than $15,000,000 in tax credit certificates, in
the aggregate, under this part; and
(E) for fiscal year 2021-2022 and each fiscal
year thereafter, may not award more than $20,000,000
in tax credit certificates, in the aggregate, under
this part.
Section 2. This act shall take effect immediately.
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