June 24, 2014

House Votes To Suspend Tax Credit Programs, But Not Film Production, EITC

The House voted Monday to amend House Bill 2188 (Cutler-R-Lancaster) to suspend certain tax credit programs for two years as part of this year’s budget dance.  The film production and the Education Improvement tax credit programs were not affected.
The tax credit programs that would be affected are the Research and Development Tax Credit, the Resource Enhancement and Protection Tax Credit ($10 million per year), the Historic Preservation Incentive Tax Credit ($3 million per year), the Community-based Services Tax Credit, the Tax Credit For New Jobs, the Mobile Telecommunications Broadband Investment Tax Credit, the Innovate in PA Tax Credit, the Keystone Special Development Zone Program, the Keystone Innovation Zone Tax Credits, the Promoting Employment Across Pennsylvania Program and certain sections of the Keystone Opportunity Zone Program.
House Majority Leader Mike Turzai (R-Allegheny) said the changes would result in $133.2 million over two years.
The bill was then referred back to the House Appropriations Committee for more work.