Signed by Governor Tom Wolf

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that amends tax law relating to personal income tax and transfer of tax.

Highlights:

• Establishes a local resource manufacturing tax credit (Sec.).

• Amends the dollar amount in tax credits that is available to the Department of Revenue of the Commonwealth (Sec. 6).

• Specifies that to assign or sell a tax credit, a qualified taxpayer must file an application with the Department of Revenue of the Commonwealth (Sec. 9).

• Establishes that in order for a company to be eligible to receive a tax credit, the must demonstrate the following (Sec. 1732-L):

• The company meets the requirements of a qualified taxpayer; and

• Confirmation that the company has filed all requirable state tax returns for all taxable years.

• Specifies that the Department of Revenue of the Commonwealth shall issue a certificate stating the amount of the tax credit granted for clean hydrogen purchased from regional sources (Sec. 1753-L).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that amends tax law relating to personal income tax and transfer of tax.

Highlights:

• Establishes a local resource manufacturing tax credit (Sec.).

• Amends the dollar amount in tax credits that is available to the Department of Revenue of the Commonwealth (Sec. 6).

• Specifies that to assign or sell a tax credit, a qualified taxpayer must file an application with the Department of Revenue of the Commonwealth (Sec. 9).

• Establishes that in order for a company to be eligible to receive a tax credit, the must demonstrate the following (Sec. 1732-L):

• The company meets the requirements of a qualified taxpayer; and

• Confirmation that the company has filed all requirable state tax returns for all taxable years.

• Specifies that the Department of Revenue of the Commonwealth shall issue a certificate stating the amount of the tax credit granted for clean hydrogen purchased from regional sources (Sec. 1753-L).

Full Bill Text