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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | January 3, 2013 10:55 AM |
|---|---|
| From: | Senator Timothy J. Solobay |
| To: | All Senate members |
| Subject: | Economic Development and Fiscal Accountability Act |
| In the near future, I will be reintroducing legislation that would create the Economic Development and Fiscal Accountability Act. As you know, the Commonwealth often grants tax incentives to businesses in exchange for job creation or capital improvements. When employers fail to deliver on these promises, not only do local workers and economies face adverse consequences, but Pennsylvania gains nothing in exchange for its lost revenue. My legislation seeks to rectify this situation by making these tax incentives contingent upon businesses fulfilling their obligations in a timely manner. Under this measure, DCED would be required to submit an annual economic development budget report to the General Assembly providing details regarding uncollected tax revenues resulting from tax credits, abatements, exemptions and reductions, as well as all state-related expenditures for economic development. This legislation would enact further limitations on and procedures for allocation of grant funding, provide for penalties for noncompliance and requirements for public disclosure. This legislation was SB 1217 of the 2011-12 session. Previous cosponsors include: Boscola, Browne, Ferlo, Fontana, Rafferty, Tartaglione, and Schwank. |
Introduced as SB394