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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | June 14, 2023 12:55 PM |
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| From: | Representative Parke Wentling |
| To: | All House members |
| Subject: | Investing in Pennsylvania's Future - PIDA Modernization |
| In the near future, I will be introducing legislation to modernize Pennsylvania Industrial Development Authority (PIDA) low-interest loans and lines of credit for businesses looking to expand or invest in the Commonwealth. The low-interest loans and lines of credit can be used to cover a portion of up-front costs for land and building acquisitions, construction and renovation costs, and machinery and equipment purchases. Currently, to be eligible for a low-interest loan or line of credit, a business must demonstrate a minimum number of new jobs created. While the existing job-creation requirement is well intended to keep the program accountable to taxpayers, I believe we are missing a significant opportunity to encourage capital investment in our Commonwealth if we limit eligibility to this metric. In fact, participants and applicants have cited this as a flaw in the program that limits their ability to grow and expand in Pennsylvania. My legislation would also allow PIDA to consider the level of capital investment, in addition to jobs created, when determining program eligibility and loan amounts. It would also put into place new taxpayer accountability provisions to require payback if a business would leave Pennsylvania. If we want to compete, we need to implement policies that tell investors and searching businesses, “We want you in Pennsylvania.” If a business is willing to sink significant capital into our Commonwealth’s economy, it is more likely that they will be here for generations. I hope you will join me in cosponsoring this important legislation that will put Pennsylvania on the map for business investment opportunities. I respectfully ask for your support on this important piece of legislation. Sincerely, Parke Wentling State Representative 7th Legislative District (Please click the link below to view the legislation) |
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| View Attachment | ||
Introduced as HB1511