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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | February 7, 2013 12:07 PM |
|---|---|
| From: | Senator Vincent J. Hughes |
| To: | All Senate members |
| Subject: | Neighborhood Assistance Act Credits |
| In the near future, I plan to re-introduce SB 697 of the 2011-12 legislative session to make Neighborhood Assistance Act Tax Credits more accessible. The legislation expands the Neighborhood Assistance Act Tax Credit program to provide non-profit corporations access to the program. Non-profits with less than 300 employees would be permitted to contribute employee withholding taxes related to each new job created after the effective date of the act to a neighborhood organization for purposes defined in the current law. The contribution could be made for 3 years, after which the withholding tax would revert to the General Fund. Contributions by non-profits would be capped at $250,000 per taxable year. In addition, the legislation would also remove the 1 year waiting period before a business may sell its tax credit and allow for immediate transfer of the credit. Pennsylvania’s economic recovery remains fragile and unsteady. It is critical that we pursue policies that stimulate the economy, move business forward and create jobs even in the midst of difficult fiscal times. This legislation is part of the Senate Democratic Caucus’ PA Works package. Co-sponsors from last session were BREWSTER, STACK, FONTANA, TARTAGLIONE, FARNESE, COSTA, SOLOBAY, BOSCOLA, KITCHEN, YUDICHAK AND ERICKSON. |
Introduced as SB237