PA
Pennsylvania House Bill HB1219

Pennsylvania 2023-2024 Regular Session

Pennsylvania House Bill HB1219

Introduced
5/24/23  
Refer
5/24/23  
Refer
6/22/23  
Report Pass
9/22/23  
Refer
9/22/23  
Report Pass
10/2/23  
Refer
10/2/23  
Report Pass
10/3/23  
Engrossed
10/3/23  

Caption

In personal income tax, further providing for classes of income and for special tax provisions for poverty and providing for alternative special tax provisions for poverty; in corporate net income tax, further providing for definitions, for imposition of tax, for reports and payment of tax, for consolidated reports and for manufacturing innovation and reinvestment deduction; in realty transfer tax, further providing for transfer of tax; in tax credit and tax benefit administration, further providing for definitions; in entertainment production tax credit, further providing for definitions, for credit for qualified film production expenses, for carryover, carryback and assignment of credit and for limitations; in Pennsylvania Economic Development for a Growing Economy (PA EDGE) tax credits, providing for biotechnology; in neighborhood assistance tax credit, further providing for tax credit and for grant of tax credit; providing for expanded neighborhood improvement zones; in Pennsylvania Child and Dependent Care Enhancement Tax Credit Program, further providing for credit for child and dependent care employment-related expenses; providing for Public Transportation Trust Fund; and, in general provisions, further providing for underpayment of estimated tax, for method of filing and for allocation of tax credits.

Impact

The major impact of HB 1219 is its facilitation of tax credits aimed at stimulating various economic sectors, principally biotechnology. By incentivizing businesses to invest in Pennsylvania through generous tax credits, the bill is expected to attract corporate investment, increase the number of jobs, and enhance the overall economic landscape in the state. The amendments also seek to ensure that local labor is prioritized in the construction and operational phases of new biotechnology facilities, delivering a benefit to the local workforce.

Summary

House Bill 1219 seeks to amend the Tax Reform Code of 1971, particularly concerning corporate net income tax and certain tax credits. The bill introduces tax credits for biotech companies and other entities that meet specific investment and job creation criteria. The proposed amendments include increasing the cap on the tax credits awarded and modifying definitions and eligibility requirements for claiming them. This bill is seen as a move to foster economic growth by encouraging investment in innovation and job creation within the state.

Sentiment

The sentiment surrounding HB 1219 appears to be largely positive, particularly among proponents who view it as a forward-thinking measure that will encourage business investment and subsequent job growth in Pennsylvania. However, there may be some apprehension among critics concerning the long-term fiscal impacts of such tax credits on state revenues. Overall, the discussion has underscored a favorable perspective on supporting innovation through financial incentives.

Contention

Notable points of contention include concerns about the potential misuse of tax credits by companies that do not deliver on job creation promises. Additionally, while some lawmakers advocate for the bill, caution has been advised against over-reliance on tax incentives for economic growth, which could lead to imbalances in tax revenue and funding for public services. The breadth of the definitions and the criteria for the biotech investment projects might also draw scrutiny as stakeholders assess the appropriate levels of qualification and oversight.

Latest PA HB1219 Activity

View All Events: PA 2023-2024 Regular Session HB1219

Companion Bills

No companion bills found.

Previously Filed As

PA SB655

In personal income tax, further providing for classes of income; in corporate net income tax, further providing for definitions; in tax credit and tax benefit administration, further providing for definitions; and providing for personal health investment tax credit.

PA SB191

In tax credit and tax benefit administration, further providing for definitions; in research and development tax credit, further providing for limitation on credits; and providing for Angel Investment Tax Credit.

PA HB1550

In corporate net income tax, further providing for definitions, for imposition of tax, for reports and payment of tax and for consolidated reports; and, in general provisions, further providing for underpayment of estimated tax.

PA SB161

In corporate net income tax, further providing for definitions, for imposition of tax, for reports and payment of tax and for consolidated reports; and, in general provisions, further providing for underpayment of estimated tax.

PA HB1126

In personal income tax, further providing for classes of income; in corporate net income tax, further providing for definitions; and providing for personal health investment tax credit.

PA SB656

In corporate net income tax, further providing for definitions, for reports and payment of tax and for consolidated reports; and, in general provisions, further providing for underpayment of estimated tax.

PA HB1462

In corporate net income tax, further providing for definitions, for reports and payment of tax and for consolidated reports; and, in general provisions, further providing for underpayment of estimated tax.

PA HB2452

In personal income tax, further providing for classes of income; in corporate net income tax, further providing for definitions; and providing for personal health investment tax credit.

PA SB1106

In personal income tax, further providing for classes of income; in corporate net income tax, further providing for definitions; and providing for personal health investment tax credit.

PA HB1259

In personal income tax, further providing for classes of income; and, in Pennsylvania Child and Dependent Care Enhancement Tax Credit Program, further providing for credit for child and dependent care employment-related expenses.

Similar Bills

PA SB654

In sales and use tax, further providing for

PA HB829

In preliminary provisions, further providing for definitions;

PA HB503

Further providing for findings and declaration of policy, for right to freedom from discrimination in employment, housing and public accommodation, for definitions, for unlawful discriminatory practices, for prohibition of certain real estate practices, for powers and duties of the commission, for educational program and for construction and exclusiveness of remedy.

PA HB500

In Pennsylvania Economic Development for a Growing Economy (PA EDGE) Tax Credits, repealing provisions relating to local resource manufacturing, providing for Reliable Energy Investment Tax Credit, repealing provisions relating to Pennsylvania milk processing and providing for Pennsylvania milk processing; in regional clean hydrogen hubs, further providing for definitions, for eligibility, for application and approval of tax credit, for use of tax credits and for applicability; in semiconductor manufacturing and biomedical manufacturing and research, further providing for definitions and for application and approval of tax credit and providing for geothermal energy and for sustainable aviation fuel; and, in application of Prevailing Wage Act, further providing for definitions.

PA SB150

Further providing for title of the act, for findings and declaration of policy, for right to freedom from discrimination in employment, housing and public accommodation, for definitions, for unlawful discriminatory practices and for prohibition of certain real estate practices; providing for protection of religious exercise; and further providing for powers and duties of the commission, for educational program and for construction and exclusiveness of remedy.

PA SB150

Further providing for title of the act, for findings and declaration of policy, for right to freedom from discrimination in employment, housing and public accommodation, for definitions, for unlawful discriminatory practices and for prohibition of certain real estate practices; providing for protection of religious exercise; and further providing for powers and duties of the commission, for educational program and for construction and exclusiveness of remedy.

PA HB300

Further providing for the title of the act, for findings and declaration of policy, for right to freedom from discrimination in employment, housing and public accommodation, for definitions, for unlawful discriminatory practices and for prohibition of certain real estate practices; providing for protection of religious exercise; and further providing for powers and duties of the commission and for construction and exclusiveness of remedy.

PA HB1610

In personal income tax, further providing for definitions and for income taxes imposed by other states and providing for provisions for overtime pay; in corporate net income tax, further providing for definitions, for determination of net loss deduction, for imposition of tax, for reports and payment of tax, for timely mailing treated as timely filing and payment and for additional withholding requirements, repealing provisions relating to consolidated reports, further providing for extension of time to file reports, for changes made by Federal Government, for limitations on assessments, for definitions, for manufacturing innovation and reinvestment deduction, for enforcement, rules and regulations, inquisitorial powers of the department, for retention of records and for penalties; in tax credit and tax benefit administration, further providing for definitions and providing for application of tax credits or tax benefits to a unitary business; providing for working Pennsylvanians tax credit; and, in general provisions, further providing for estimated tax, for underpayment of estimated tax and for restatement of tax liability under treaties.