|Posted:||December 9, 2020 12:35 PM|
|From:||Representative Dawn W. Keefer|
|To:||All House members|
|Subject:||Eliminating Transfer of Tax Credits|
|In the near future, I plan to re-introduce 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. These large production companies get the cash from the tax credit and avoid paying certain taxes by transferring the credit, ultimately leaving 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 the concert rehearsal tax credit form the original “owner,” avoiding the unintended loss of tax dollars to the Commonwealth through these transfers.
Please join me in co-sponsoring this legislation."
Introduced as HB73