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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2015 - 2016
Regular Session
MEMORANDUM
| Posted: | August 6, 2015 03:21 PM |
|---|---|
| From: | Senator John N. Wozniak |
| To: | All Senate members |
| Subject: | State Economic Revitalization Assistance Tax Credit |
| In the near future, I will be introducing legislation to establish the State Economic Revitalization Assistance Tax Credit. Under this program eligible businesses located within Local Economic Revitalization Tax Assistance Act (LERTA) zones in Third Class Cities would be eligible for tax credits not to exceed 25 percent of qualified expenditures. The total amount of tax credits available in any given year is $5 million and individual businesses are able to receive up to $25,000 in tax credits. The legislation requires that businesses create at least two new full time jobs at wages equal to the average wage in the county in order to obtain the credit. The program is designed as a tax incentive to help redevelop small cities and help small businesses defray costs associated with establishing themselves in downtown business corridors. The idea is to stack the incentive on top of the LERTA program and provide an extra tool that can be used to attract business investment. Businesses that use LERTA credits have made a commitment to building or refurbishing in a specified locale and this program tried to build on that decision. I invite your co-sponsorship. Please contact Josh Myers from my staff at jmyers@pasenate or at 787-5400 if you have any questions. Thank you. |