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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2015 - 2016
Regular Session
MEMORANDUM
| Posted: | June 23, 2015 03:35 PM |
|---|---|
| From: | Senator Ryan P. Aument |
| To: | All Senate members |
| Subject: | Concert Rehearsal and Tour Tax Credit |
| In the near future, I intend to introduce legislation that would establish the Concert Rehearsal and Tour Tax Credit. This program would attract companies in the concert tour industry to hold rehearsals and concerts at venues located in Pennsylvania and to purchase professional concert tour services and equipment from Pennsylvania-based companies. These activities would increase and stabilize revenues for our public stadiums and arenas, including those located at our State-related universities and the PSSHE, while increasing market demand for Pennsylvania-based services and products. The increased demand for these Pennsylvania services and products would further incentivize companies in the concert tour industry to relocate to the Commonwealth. Both activities would be accomplished by targeting investment in a proven program, tax credits, to spur private business to create additional employment opportunities for residents to obtain “jobs that pay” while providing the Commonwealth with a net revenue increase in PIT, CNI and SUT tax collections. Specifically, my legislation would require a taxpayer to purchase or rent at least $1.5M of concert tour service or equipment from companies located in Pennsylvania, hold a rehearsal at a facility located within Pennsylvania for a minimum of 10 days and perform at least two concerts at venues located in different municipalities within the Commonwealth to be able to apply for a credit. If the taxpayer qualified and incurred at least 60% of its total rehearsal expenses for a tour in Pennsylvania, the DCED could grant them a tax credit not to exceed $3M based upon a percentage of the Pennsylvania expenses the taxpayer incurred during rehearsal and Pennsylvania performances. If you have any questions regarding this legislation, please contact Stephanie Buchanan at 717-787-4420 or sbuchanan@pasen.gov. |
Introduced as SB937