|Posted:||November 3, 2017 01:24 PM|
|From:||Senator Vincent J. Hughes|
|To:||All Senate members|
|Subject:||Maximizing the Manufacturing Tax Credit|
|In the near future, I plan to introduce SB 925, a bill that increases the cap on the manufacturing tax credit and makes other revisions to maximize the credit’s impact.
A thriving manufacturing sector is vital to Pennsylvania’s economic health. According to the Center for Manufacturing Research, manufacturing accounts for 12 percent of the total gross domestic product output in this Commonwealth and over $85.15 billion in economic output. More than 9 percent of our workforce is employed in the manufacturing sector.
The manufacturing tax credit was enacted as part of the FY 2016-17 budget and capped at $4 million. My legislation would increase the cap to $12.5 million per year to further incentivize investment in the sector.
In addition, to ensure all manufacturers have access to the program, my bill does two things:
This legislation is part of a package of legislation designed to aid our manufacturers, workers, small businesses and rebuild our manufacturing base. The legislative package includes Senate Bill 923, SB 924 and SB 925.
With the right tools, our manufacturing sector can continue to grow and create a world-class workforce. I believe SB 925 will help further those goals. I hope you will join me in sponsoring this legislation.
Introduced as SB925