|Posted:||October 7, 2015 11:19 AM|
|From:||Representative Mike Turzai|
|To:||All House members|
|Subject:||Proposed Legislation- The Keystone Energy Enhancement Act|
|In the near future, I will be introducing the Keystone Energy Enhancement Act (KEEA), a piece of legislation designed to create and retain family-sustaining jobs, facilitate economic growth, and encourage capital investment within Pennsylvania’s natural gas, manufacturing, and petrochemical industries.
Using preexisting statutory framework, the KEEA would establish an instrumentality of the Commonwealth known as the Keystone Energy Authority (KEA). The KEA will be governed by a seven-member board of industry experts with clearly-defined powers and responsibilities. The legislation prescribes board composition and membership criteria, meeting schedules, policies and procedures, as well as duties of board members.
The preeminent responsibility of the KEA will be to administer the Keystone Energy Enhancement Zone (KEEZ) Program, which is modeled after the successful Keystone Opportunity Zones Program.
The KEA will authorize up to 20 Keystone Energy Enhancement Zones across all regions and corridors of the Commonwealth. Natural gas, manufacturing, petrochemical, and other downstream businesses operating within a zone will be eligible for state and local tax exemptions, deductions, abatements, and credits for a 10 year period beginning January 1, 2017. These businesses will also be eligible for a job creation tax credit of up to $1,250 for each full-time employment position created within the zone.
In addition to administering the KEEZ Program, the KEA will be responsible for:
Please join me in co-sponsoring this important piece of pro-jobs, pro-growth legislation. If you have any questions, please do not hesitate to contact me.
Introduced as HB1731