|Posted:||December 1, 2020 10:20 AM|
|From:||Senator Daniel Laughlin|
|To:||All Senate members|
|Subject:||Expanding Tax Credits for New Jobs in Pennsylvania's Opportunity Zones|
In the near future, I intend to introduce legislation that would expand tax credits for new jobs in Pennsylvania's Opportunity Zones.
Many states, in order to encourage development in Opportunity Zones, are providing additional state level tax credits and incentives to encourage real estate development and business investments. The Commonwealth has historically provided approved businesses $1,000 to $2,500 per new family sustaining job created within Pennsylvania (formerly known as the Job Creation Tax Credit Program).
This legislation would add an additional $500 per job for each qualifying job created in an Opportunity Zone. To encourage regrowth, this tax credit can be provided regardless of whether the initiating investment is an Opportunity Zone investment or not.
Please join me in cosponsoring this important piece of legislation.
Introduced as SB944