S0288B0276A01050 MSP:CDM 05/21/21 #90 A01050
AMENDMENTS TO SENATE BILL NO. 288
Sponsor: SENATOR HUTCHINSON
Printer's No. 276
Amend Bill, page 1, lines 14 through 17, by striking out all
of said lines and inserting
Section 1. Section 407.7(a) and (d) of the act of March 4,
1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, are
amended and the section is amended by adding a subsection to
read:
Amend Bill, page 1, line 22; page 2, line 1; by striking out
"one hundred" in line 22 on page 1 and "million dollars
($100,000,000)" in line 1 on page 2 and inserting
one million dollars ($1,000,000)
Amend Bill, page 2, lines 4 through 30; page 3, lines 1
through 9; by striking out all of said lines on said pages and
inserting
(a.1) The qualified manufacturing innovation and
reinvestment deduction shall be applied to a taxpayer's taxable
income to reduce the taxpayer's liability following the
allocation and apportionment of income.
* * *
(d) (1.1) If the private capital investment is in excess of
one million dollars ($1,000,000), but not more than ten million
dollars ($10,000,000), the maximum allowable deduction shall be
equal to sixty-two and one-half per cent of the private capital
investment utilized in the creation of new or refurbished
manufacturing capacity. A taxpayer may utilize the deduction in
an amount not to exceed twelve and one-half per cent of the
private capital investment utilized in the creation of new or
refurbished manufacturing capacity in any one year of the
succeeding ten tax years immediately following the department's
satisfaction determination and the execution of a satisfaction
commitment letter, up to the maximum allowable deduction.
(1.2) If the private capital investment is in excess of ten
million dollars ($10,000,000), but not more than sixty million
dollars ($60,000,000), the maximum allowable deduction shall be
2021/90MSP/SB0288A01050 - 1 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33