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06/15/2024 03:51 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=40712
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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: May 8, 2023 12:35 PM
From: Representative Tim Briggs
To: All House members
Subject: Qualified Manufacturing Innovation and Reinvestment Deduction (QMIRD) Legislation
 
In the near future, I plan to introduce legislation amending the Tax Reform Code (Act 2 of 1971) as it pertains to the Qualified Manufacturing Innovation and Reinvestment Deduction (QMIRD).
 
QMIRD was established pursuant to Act 43 of 2017 to encourage increased investment and job creation through manufacturing in Pennsylvania.  It provides an incentive to taxpayers that make large scale investments in their manufacturing operations in the Commonwealth.
 
Unlike tax credit incentives, the deduction is utilized against a taxpayer’s income, it cannot be transferred or delayed.   In addition, the deduction cannot reduce a taxpayer’s liability by 50% or more.
 
My legislation will facilitate the continued success of the QMIRD by providing greater flexibility for taxpayers that may initiate multiple and/or larger projects.

Specifically, my legislation will:
 
  • Lower the qualifying capital investment from $60 million to $50 million.
  • Modify the timelines for the completion of a capital investment and submission of corresponding documentation.
  • Standardize the incentive structure to eliminate the enhanced incentive for capital investments from $60 million to $100 million.
  • Extend the timeframe for taxpayers with more than two concurrent projects with an aggregate investment exceeding $500 million to utilize the deduction to 20 years.
 
I hope you will show your support for business investment in our Commonwealth by supporting this legislation.
 
 



Introduced as HB1219