|Posted:||March 6, 2019 03:35 PM|
|From:||Senator Vincent J. Hughes and Sen. Judith L. Schwank, Sen. Art Haywood|
|To:||All Senate members|
|Subject:||Increasing the Rural Jobs and Investment Tax Credit|
|In the near future we plan on reintroducing Senate Bill 1077 which increases the Rural Jobs and Investment Tax Credit.
Investing in rural Pennsylvania is vital to the economic strength of the Commonwealth. According to the U.S. Census Bureau, 48 of the Commonwealth’s 67 counties are rural. Approximately 27% of the Commonwealth’s population lives in a rural county. The American Community Survey found that 37% of rural households in Pennsylvania had incomes below $35,000.
Currently the tax credit is capped at $1 million per fiscal year; this bill would raise that cap to $20 million over the next several fiscal years. The cap would increase to $5 million for fiscal year 2019-20 and then increase by $5 million each of the next three fiscal years until the cap is $20 million.
Please join us in sponsoring this legislation to increase job opportunities and invest in our rural communities.
Introduced as SB168