Pennsylvania 2023-2024 Regular Session Status: In Committee 4 D cosponsors

SB 334 — An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in research and development tax credit, further providing for limitation on credits; and providing for Angel Investment Tax Credit.

Last action — Referred to Finance

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2023-2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

How this bill changes current law

12 changes Share ↗

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The bill increases the total amount of tax credits available for research and development and introduces an Angel Investment Tax Credit program.

  • Section 1709-B(a)

    sixty million dollars ($60,000,000) → one hundred million dollars ($100,000,000)

    Increases the total cap on approved credits from $60 million to $100 million per fiscal year.

  • Section 1709-B(a)

    twelve million dollars ($12,000,000) → twenty million dollars ($20,000,000)

    Increases the allocation for small businesses from $12 million to $20 million.

  • ARTICLE XVII-M ANGEL INVESTMENT TAX CREDIT

    Establishes a new article for the Angel Investment Tax Credit.

  • Section 1701-M. Scope of article.

    Defines the scope of the new Angel Investment Tax Credit article.

  • Section 1702-M. Definitions.

    Provides definitions related to the Angel Investment Tax Credit.

  • Section 1703-M. Establishment.

    Establishes the Angel Investment Tax Credit program to encourage early-stage financing.

  • Section 1704-M. Qualified business plans.

    Sets criteria for what constitutes a qualified business plan for the tax credit.

  • Section 1705-M. Credit for qualified investment.

    Details the application process and requirements for obtaining the Angel Investment Tax Credit.

  • Section 1706-M. Carryover, application of tax credit, carryback, refund and assignment.

    Outlines the rules for carrying over, applying, or assigning the tax credits.

  • Section 1707-M. Time limitation.

    Establishes a time limitation for qualifying investments to be eligible for the tax credit.

  • Section 1708-M. Limitation on tax credits.

    Imposes a total annual limit on tax credits approved under the new program.

  • Section 1709-M. Shareholder, owner or member pass-through.

    Defines how tax credits may be allocated to shareholders or owners of pass-through entities.

Action History

  1. Referred to Finance

Sponsors

Sponsorship breakdown

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1 sponsors · 3 co-sponsors · 249 not signed on

Sponsors (1)

Co-sponsors (3)

Not signed on (249)

249 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
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Frequently asked questions

Who sponsors SB 334?
SB 334 is sponsored by Sharif Street (Democratic), Wayne D. Fontana (Democratic), John I. Kane (Democratic), and Jay Costa (Democratic).
What is the current status of SB 334?
This bill died with 2023-2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 334?
Track SB 334 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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