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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | September 25, 2013 02:28 PM |
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| From: | Senator Lawrence M. Farnese, Jr. |
| To: | All Senate members |
| Subject: | Pennsylvania Port Volume Increase Tax Credit Act |
| In the near future, I plan to introduce legislation that would create the Pennsylvania Port Volume Increase Tax Credit Act. My legislation is based on a similar tax credit program recently enacted in Virginia. The intent of the bill is to increase Pennsylvania’s port competitiveness with other ports on the Eastern Seaboard and stimulate additional international freight traffic through the Commonwealth. Specifically, the bill would provide for a first-come, first-served tax credit program to not exceed $5 million per calendar year. The program would allow eligible taxpayers to apply for a credit against its qualified tax liability if they move cargo through any publicly or privately owned marine terminal used in connection with the transportation of freight by ship to or from international destinations. Base year cargo requirements would apply in order for a taxpayer to meet eligibility requirements. Additional tax credit incentives would apply to increases in cargo amounts above five percent over the base year. A copy of the language is attached. Please feel free to contact my legislative director, Sally Keaveney, at skeaveney@pasenate.com or 7-5662 with any questions regarding this proposal. I hope you will join me in sponsoring this economic development tool for our Commonwealth’s ports. |
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Introduced as SB1437
Memo Updated: September 25, 2013 02:29 PM