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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | September 16, 2024 02:46 PM |
|---|---|
| From: | Representative Steve Samuelson |
| To: | All House members |
| Subject: | Updating the Semiconductor Manufacturing Tax Credit Program |
| As part of the PA Economic Development for a Growing Economy (EDGE) tax credit package the General Assembly passed in 2022, we implemented a semiconductor manufacturing tax credit. Unfortunately, the qualifications for a business to claim the tax credit are unattainable for most businesses in the industry. Not only do these requirements leave out worthy businesses making great strides in manufacturing a key component of the electronic devices we use on a daily basis, but they also mean that the credit has gone unused for the past two years. I’m proposing changes to allow this tax credit to be more attainable so that it can be better used to spur economic development. As such, I will soon introduce legislation that will allow more businesses to make use of the semiconductor tax credit by lowering the minimum investment and the number of jobs created necessary for a business to qualify. The legislation also adds a new category for early-stage semiconductor businesses so that startups in need of capital can get a boost through this tax credit program. Please join me in co-sponsoring this legislation so that the semiconductor tax credit program can fulfill its purpose of encouraging increased economic development and Pennsylvania semiconductor businesses can gain access to an additional source of funding. |
Introduced as HB2565
Memo Updated: September 16, 2024 02:47 PM