Pennsylvania 2023-2024 Regular Session

Pennsylvania House Bill HB1511

Introduced
6/26/23  

Caption

In Pennsylvania Industrial Development Program, further providing for job creation and providing for terms and repayment of loans.

Impact

The passage of HB1511 is expected to positively impact the state laws governing economic development initiatives, particularly in relation to industrial growth and job creation. It seeks to streamline the process through which businesses can access financial assistance, thereby removing bureaucratic hurdles and promoting a more efficient approach to industrial financing. This legislation aligns with broader state goals of enhancing economic competitiveness and supporting local businesses in their growth endeavors.

Summary

House Bill 1511 is designed to enhance the Pennsylvania Industrial Development Program by focusing on job creation initiatives and outlining terms and repayment structures for loans extended under this program. The bill emphasizes the state's commitment to fostering industrial growth and providing financial assistance to businesses aimed at increasing employment opportunities within Pennsylvania. By refining the parameters of the existing program, the bill aims to encourage economic development and attract new industries to the state.

Sentiment

The general sentiment surrounding HB1511 appears to be supportive among various stakeholders, particularly those advocating for economic growth and job creation. Many legislators view the bill as a step in the right direction towards revitalizing the state's industrial sector. However, there are concerns related to the management of these loan programs and the accountability mechanisms in place to ensure funds are used effectively. While there is optimism regarding job creation, critics have raised questions about the broader implications of the bill on existing businesses and potential inequalities in access to loans.

Contention

Notable points of contention around HB1511 relate to the specifics of the loan terms and the criteria for businesses to qualify for assistance. Critics fear that the bill may favor larger corporations or specific industries at the expense of small businesses. There are calls for more transparency and stricter guidelines to ensure that the loans benefit a diverse range of businesses across various sectors. Additionally, debates have arisen regarding the potential for creating dependencies on state-funded programs rather than encouraging truly sustainable business practices.

Companion Bills

No companion bills found.

Previously Filed As

PA HB225

In Pennsylvania Industrial Development Authority, further providing for certification of economic development organizations and providing for annual report.

PA SB1150

In the State System of Higher Education, further providing for definitions and providing for Grow Pennsylvania Merit Scholarship Program; providing for institutions of higher education, for Grow Pennsylvania Scholarship Grant Program and for intercollegiate athletics; in ready-to-succeed scholarship, further providing for agency; and making a repeal.

PA SB590

In development, further providing for bonding.

PA HB1351

In public assistance, further providing for medical assistance payments for institutional care and providing for emergency transportation services and for case-mix rates for nursing facilities; in Statewide quality care assessment, further providing for definitions, for implementation, for administration, for restricted account and for expiration; continuing the Pennsylvania Rural Health Redesign Center Authority and the Pennsylvania Rural Health Redesign Center Fund; and making a repeal.

PA HB1219

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.

PA HB1556

In Pennsylvania Economic Development for a Growing Economy (PA EDGE) tax credits, providing for an advanced clean manufacturing project and further providing for definitions.

PA SB323

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

PA SB1307

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

PA SB782

Further providing for grants and loans; providing for industrial sites cleanup financial assistance; making an interfund transfer; providing for transitional provisions; and making a repeal.

PA HB1916

In Commonwealth services, further providing for Pennsylvania Fire and Emergency Medical Services Loan Program.

Similar Bills

No similar bills found.