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09/18/2020 10:50 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20190&cosponId=28626
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House of Representatives
Session of 2019 - 2020 Regular Session

MEMORANDUM

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.

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Introduced as HB1453