PRINTER'S NO. 766
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
682
Session of
2021
INTRODUCED BY YUDICHAK, J. WARD, GORDNER, SCAVELLO, PITTMAN,
MASTRIANO, AUMENT AND LAUGHLIN, MAY 17, 2021
REFERRED TO FINANCE, MAY 17, 2021
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 keystone innovation zones, further providing
for definitions.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The definition of "Keystone innovation zone
company" in section 1902-F of act of March 4, 1971 (P.L.6,
No.2), known as the Tax Reform Code of 1971, is amended to read:
Section 1902-F. Definitions.
The following words and phrases when used in this article
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
* * *
"Keystone innovation zone company." A for-profit business
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entity which is all of the following:
(1) Located within a keystone innovation zone.
(2) Has been in operation for less than [eight years.]
10 years for companies with a start date from January 1,
2012, to December 31, 2021. Companies with operations
starting after December 31, 2021, are eligible for credits if
in operation for less than eight years and meet all other
criteria.
(3) Falls within one of the targeted industry segments
adopted by the keystone innovation zone partnership in its
strategic plan.
* * *
Section 2. This act shall take effect in 60 days.
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