HB 1238 — An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in manufacturing and investment tax credit, further providing for rural growth funds, for business firms, for tax credit certificates and for claiming the tax credit.

Bill Text

• Printer's No. PN1329 View text Current pdf

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill amends the Tax Reform Code of 1971 to adjust limitations and procedures related to rural growth funds, business firms, tax credit certificates, and claiming tax credits.

• Section 1824-G(a)

  Application → Applications

  Changes the title from 'Application' to 'Applications' for clarity.

• Section 1824-G(c)

  limitation → limitations

  Corrects the singular 'limitation' to the plural 'limitations' for consistency.

• Section 1824-G(c)

  limitation → limitations

  Corrects the singular 'limitation' to the plural 'limitations' for consistency.

• Section 1824-G(f)(1)

  $50,000,000 → $50,000,000

  No effect; this is a repetition indicating the maximum amount prior to October 1, 2023.

• Section 1824-G(f)(2)

  $50,000,000 → $50,000,000

  No effect; this is a repetition indicating the maximum amount after October 1, 2023.

• Section 1828-G(c)

  under this part. → with respect to awards of investment authority subject to the limitations under section 1824-G(f)(1) and not more than $30,000,000 in credit-eligible capital contributions with respect to awards of investment authority subject to the limitations under section 1824-G(f)(2).

  Clarifies that the $30,000,000 limit applies separately to two different categories of investment authority.

• Section 1829-G(b)(3)(i)

  Beginning → With respect to awards of investment authority subject to the limitation under section 1824-G(f)(1), beginning

  Adds specificity regarding when the $6,000,000 cap on tax credits applies.

• Section 1829-G(b)(3)(ii)

  may not award more than $30,000,000 in tax credit certificates, in the aggregate, under this part. → may not award tax credit certificates that would result in the utilization of more than $6,000,000 in tax credits in any fiscal year, except for tax credits carried forward.

  Replaces the previous limit with a separate limit for different categories of tax credits.

• Section 1829-G(b)(3)(iii)

  may not award more than $30,000,000 in tax credit certificates, in the aggregate, under this part. → may not award more than $60,000,000 in tax credit certificates, in the aggregate, under section 1829-G(b)(3)(i) and (ii).

  Increases the aggregate limit for tax credit certificates from $30 million to $60 million.

• Section 1830-G(a)(1)

  Beginning → With respect to awards of investment authority subject to the limitation of section 1824-G(f)(1), beginning

  Adds specificity regarding the claim process related to the investment authority limitation.

Action History

1. October 04, 2023

   Laid on the table

2. October 04, 2023

   First consideration

3. October 04, 2023

   Reported as committed

4. May 24, 2023

   Referred to Finance

Sponsors

• Torren Ecker · Cosponsor
• Keith J. Greiner · Primary
• Scott Conklin · Cosponsor
• Danilo Burgos · Cosponsor
• R. Lee James · Cosponsor
• Joe Webster · Cosponsor
• David H. Zimmerman · Cosponsor
• Steven C. Mentzer · Cosponsor

Votes

Subjects