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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | June 9, 2014 12:30 PM |
|---|---|
| From: | Representative Mike Vereb |
| To: | All House members |
| Subject: | Legislation to Consolidate and Make Improvements to the EITC and OSTC Programs |
| In the near future I intend to introduce legislation that will consolidate and make improvements to the Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC) programs. The EITC and OSTC programs continue to provide outstanding educational opportunities to children and families across Pennsylvania and I believe the changes I am proposing will further bolster these programs. In addition to consolidating the EITC and OSTC programs, my legislation will add to the list of taxes to which credits could be applied. My legislation will also permit the distribution of tax credits through more than one level of pass-through entity, permit spousal use of credits when they are distributed to a partner, member or shareholder of a business entity, and allow for the establishment of special purpose business firms established for the purpose of making contributions that will qualify for credits. This legislation will also make changes to both the EITC and OSTC that will facilitate the use of credits by qualifying persons. The technical changes relating to pass-through entities will allow more business owners to have access to opportunities to participate in the program. I hope you will consider joining me in being a cosponsor of this legislation. Thank you. |
Introduced as HB2373