Pennsylvania 2025-2026 Regular Session

Pennsylvania Senate Bill SB323

Introduced
2/26/25  
Refer
2/26/25  

Caption

In economic development financing, providing for Keystone National Finance Authority.

Impact

The creation of the Keystone National Finance Authority is significant, as it enables the authority to issue bonds and asserts that all loans and financing will be repaid solely from the revenues generated by the projects. This decentralization of funding is particularly beneficial for communities looking to revitalize economically depressed areas, as it ensures that localities can access funding without risking state budget allocations. However, the authority will also operate without direct financial responsibility from the Commonwealth, limiting state exposure to potential defaults.

Summary

Senate Bill 323 establishes the Keystone National Finance Authority aimed at enhancing economic development financing within Pennsylvania. The bill amends Title 64 of the Pennsylvania Consolidated Statutes and provides the framework for the authority to facilitate financing projects that lead to job creation, community revitalization, and redevelopment of blighted areas. Its focus is on creating a structured system through which various economic activities can obtain necessary capital, thereby promoting overall competitiveness and growth.

Sentiment

The sentiment surrounding SB 323 appears to be largely positive among proponents who view it as a strategic step towards improved economic health in the Commonwealth. Legislators and stakeholders who support this bill emphasize its potential to attract investments and create jobs, while critics might express concern regarding the fiscal responsibility of the authority and how effectively it may operate without direct oversight or state funding obligations. The bill fosters an optimistic outlook for local growth and development across various sectors.

Contention

Notable points of contention may arise concerning the independence granted to the authority, as it may not be subject to the same procurement guidelines as traditional state agencies. This aspect could raise questions about transparency and accountability, particularly in contract awards and the management of public funds. Additionally, there may be concerns from small business advocates regarding whether these financing mechanisms will sufficiently support the needs of diverse local businesses and not favor larger enterprises.

Companion Bills

No companion bills found.

Previously Filed As

PA SB1307

In economic development financing, providing for Keystone National Finance Authority.

PA SB961

In preliminary provisions, further providing for definitions; and, in keystone opportunity zones, further providing for qualified businesses.

PA HB2420

Establishing the Keystone Fresh Program; providing for the Fresh Schools Grant Program, for the Keystone Producer Grant Program, for the Keystone Assistance Grant Program and for the administration of the Keystone Fresh Program by the Department of Education and the Department of Agriculture; and establishing the Keystone Fresh Fund.

PA SB1056

In Treasury Department, further providing for investment of moneys; establishing the Keystone Saves Program, the Keystone Saves Program Fund, the Keystone Saves Administrative Fund and the Keystone Saves Program Advisory Board; providing for powers and duties of the Treasury Department, for investment and fiduciary responsibilities and for program implementation; and providing for the electric vehicle road user charge effective date.

PA HB577

Establishing the Keystone Saves Program, the Keystone Saves Program Fund, the Keystone Saves Administrative Fund and the Keystone Saves Program Advisory Board; and providing for powers and duties of the Treasury Department, for investment and fiduciary responsibilities and for program implementation.

PA SB728

Establishing the Keystone Saves Program, the Keystone Saves Program Fund, the Keystone Saves Program Administrative Fund and the Keystone Saves Program Advisory Board; and providing for powers and duties of the Treasury Department and the Department of Labor and Industry, for investment and fiduciary responsibilities and for program implementation.

PA SB781

Providing for the creation of keystone opportunity dairy zones to facilitate the economic development of Pennsylvania's dairy industry; authorizing expenditures; providing tax exemptions, tax deductions, tax abatements and tax credits; creating additional obligations of the Commonwealth and local governmental units; prescribing powers and duties of certain State and local departments, agencies and officials; and imposing penalties.

PA HB995

Providing for the creation of keystone opportunity dairy zones to facilitate the economic development of Pennsylvania's dairy industry; authorizing expenditures; providing tax exemptions, tax deductions, tax abatements and tax credits; creating additional obligations of the Commonwealth and local governmental units; prescribing powers and duties of certain State and local departments, agencies and officials; and imposing penalties.

PA HB1242

Providing for Keystone State Apprenticeship Tax Credit.

PA HB580

Providing for the Fresh Food Financing Initiative; establishing the Fresh Food Financing Initiative Restricted Account; and imposing duties on the Department of Agriculture.

Similar Bills

PA SB1307

In economic development financing, providing for Keystone National Finance Authority.

VA HB814

Virginia Tourism Authority; powers, historically accurate advertising.

KY HB808

AN ACT relating to recreation and tourism development.

KY HB712

AN ACT relating to economic development.

VA SB718

Virginia Sports and Entertainment Authority and Financing Fund; established, report.

VA HB1514

Virginia Sports and Entertainment Authority and Financing Fund; established, report.

VA SB727

Virginia Football Stadium Authority; established, definitions, report.

VA SB727

Virginia Football Stadium Authority; established, definitions, report.