|Posted:||March 4, 2019 04:15 PM|
|From:||Representative Dawn W. Keefer|
|To:||All House members|
|Subject:||ELIMINATING TRANSFER OF TAX CREDITS|
|In the near future, I plan on introducing legislation to eliminate the ability to sell or transfer tax credits for several of our entertainment tax incentive programs
Since 2008, recipients of PA’s film tax credits have sold about 99% of their credits to companies that have nothing to do with film or TV; thus, proving that there is a greater gain by having the ability to sell the credits to large corporations and paying PA assessed taxes. These large productions companies get the cash from the tax credit and avoid paying certain taxes by transferring the credit and it leaves the Commonwealth without those tax dollars.
My legislation will eliminate the ability to sell or transfer the film tax credit, the video game tax credit and concert rehearsal tax credit form the original “owner” to avoid the Commonwealth from losing tax dollars from the transfers.
Please join me in co-sponsoring this legislation.
Introduced as HB1453