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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2015 - 2016
Regular Session
MEMORANDUM
| Posted: | May 6, 2015 12:20 PM |
|---|---|
| From: | Senator John N. Wozniak |
| To: | All Senate members |
| Subject: | Governor's Budget Package Legislation Regarding the Manufacturing Tax Credit Program |
| In the near future I will be introducing legislation on behalf of the Governor that is included in the 2015-16 fiscal year budget relating to the Manufacturing Tax Credit Program. Manufacturing is a key component of Pennsylvania’s economy. According to a report by the National Governors Association, the manufacturing industry accounts for more than 10 percent of total employment, making it the third-largest sector in the state. But, according to data reported by the Center for Workforce Information and Analysis, Pennsylvania’s manufacturing sector is projected to lose more than 2,600 jobs by 2020. While working to rebuild the middle class and expand job opportunities for all, Pennsylvania cannot afford to lose jobs. To turn this trend around and further encourage job growth, the 2015-16 Executive Budget includes a $5 million tax credit that will be distributed to manufacturing companies that are creating good-paying, middle-class jobs. The Commonwealth will provide tax credits of up to 5 percent of new taxable payroll to manufacturing companies that increase their annual taxable payroll by at least $1 million over a four-quarter period. The tax credits may be sold to generate cash for the manufacturing company. In order to qualify, these new jobs must be full-time, have an average wage equal to or above the county average wage in which the company is locating or expanding, and include competitive health benefits. Companies will be required to maintain jobs for 5 years, and be accountable for wage and benefit standards. I hope that you will join me by co-sponsoring this legislation. |
Introduced as SB112