|Posted:||January 15, 2019 04:21 PM|
|From:||Senator Vincent J. Hughes and Sen. John T. Yudichak, Sen. James R. Brewster|
|To:||All Senate members|
|Subject:||Maximizing the Manufacturing Tax Credit|
|In the near future, we plan to reintroduce Senate Bill 925 which increases the cap on the manufacturing tax credit and makes other revisions to maximize the credit’s impact. This legislation is part of a package of legislation designed to aid our manufacturers, workers and small businesses, and rebuild our manufacturing base.
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. Our 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, our bill does two things:
With the right tools, our manufacturing sector can continue to grow and create a world-class workforce. We believe this legislation will help further those goals. We hope you will join us in sponsoring this legislation.
If you have any questions, please contact Senator Hughes’ office at 717-787-7112.
Introduced as SB266