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12/10/2019 01:12 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20190&cosponId=29265
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House of Representatives
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: April 17, 2019 09:50 AM
From: Representative Mark K. Keller
To: All House members
Subject: Revisions to the Rural Jobs and Investment Tax Credit Program
 
In the near future I will introduce legislation to make some revisions to the Rural Jobs and Investment Tax Credit Program. Small business growth has been seriously hindered by regulation and lending constraints. The RJITC program was created in 2016 to assist these small businesses to expand and create jobs by providing the businesses with access to affordable capital.

Unfortunately, this program fell flat. DCED published guidelines and no applications were submitted due to lack of funding to the program.

My legislation will provide the much-needed changes to this program to allow our small rural businesses to grow and thrive. These changes include:
  • Increasing the annual tax credit cap from $4 million to the intended $15 million so that $100 million of private capitol may be raised;
  • Include job creation and retention metrics and goals.Failure to meet these goals results in penalties paid back to the Commonwealth by the investors.
  • Clarification on the size of businesses that may apply.This legislation is not aimed to help big franchise businesses.

Please join me in co-sponsoring this legislation.



Introduced as HB1437