|Posted:||December 22, 2014 04:00 PM|
|From:||Senator Lawrence M. Farnese, Jr.|
|To:||All Senate members|
|Subject:||Pennsylvania Port Volume Increase Tax Credit|
|In the near future I plan to reintroduce SB 1437, legislation that would create the Pennsylvania Port Volume Increase Tax Credit Act. My legislation is based on a similar tax credit program 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 apply to increases in cargo amounts above five percent over the base year.
I hope you will join me in sponsoring this economic development tool for our Commonwealth’s ports.
Introduced as SB224