Pennsylvania 2023-2024 Regular Session

Pennsylvania House Bill HB2402

Introduced

6/10/24

Refer

6/10/24

Refer

6/11/24

Report Pass

9/23/24

Caption

In Pennsylvania Economic Development for a Growing Economy (PA EDGE) tax credits, further providing for definitions and for application and approval of tax credit, providing for sustainable aviation fuel and further providing for definitions.

Impact

If enacted, HB 2402 will have a notable impact on state laws regarding tax credits associated with economic development projects. The bill is designed to incentivize the production of sustainable aviation fuel, reflecting a growing emphasis on renewable energy and environmental sustainability. By enabling tax credits specifically for these projects, the bill aims to encourage investments in clean energy technologies, potentially making Pennsylvania a leader in the sustainable aviation fuel sector. Additionally, it contributes to job creation, with mandates that projects must generate a minimum number of jobs filled by local residents.

Summary

House Bill 2402 seeks to amend the Pennsylvania Economic Development for a Growing Economy (PA EDGE) tax credits by expanding eligibility to include projects involving the production of sustainable aviation fuel. The bill lays out the definitions of a 'qualified taxpayer' and a 'project facility,' establishing essential criteria that must be met, including a significant capital investment and creation of new jobs. Furthermore, provisions are included to support public transparency around the use of tax credits by requiring reports on job creation, tax credits claimed, and other related metrics to be made publicly accessible.

Sentiment

The sentiment surrounding HB 2402 appears to be largely positive among supporters who view it as a step forward for both economic development and environmental sustainability. Advocates argue that it aligns with broader national and international goals of reducing carbon emissions and fostering green technologies. However, there may also be concerns from those who perceive potential fiscal implications, such as long-term budget impacts from increased tax credits. The discourse emphasizes a balance between advancing technology and managing state revenue responsibly.

Contention

Some notable points of contention revolve around the specifics of eligibility and the allocation of tax credits. Critics argue that the financial commitment required to be regarded as a 'qualified taxpayer' could disproportionately benefit large corporations, potentially sidelining smaller entities that may also contribute to sustainable practices. Other concerns focus on the long-term feasibility of such tax incentives, questioning whether they truly lead to job creation and economic growth or if they merely offer a temporary solution to attract businesses without substantial long-term benefits.

Latest HB2402 Activity

Companion Bills

No companion bills found.

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