HB 1667 — 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 definitions, for business firms and for tax credit certificates.

PRINTER'S NO.   2043

                     THE GENERAL ASSEMBLY OF PENNSYLVANIA



                         HOUSE BILL
                         No. 1667
                                                Session of
                                                  2025

     INTRODUCED BY TAKAC, SANCHEZ, HILL-EVANS, GUZMAN, SAMUELSON AND
        MAYES, JUNE 26, 2025

     REFERRED TO COMMITTEE ON FINANCE, JUNE 27, 2025


                                       AN ACT
 1   Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
 2      act relating to tax reform and State taxation by codifying
 3      and enumerating certain subjects of taxation and imposing
 4      taxes thereon; providing procedures for the payment,
 5      collection, administration and enforcement thereof; providing
 6      for tax credits in certain cases; conferring powers and
 7      imposing duties upon the Department of Revenue, certain
 8      employers, fiduciaries, individuals, persons, corporations
 9      and other entities; prescribing crimes, offenses and
10      penalties," in manufacturing and investment tax credit,
11      further providing for definitions, for business firms and for
12      tax credit certificates.
13      The General Assembly of the Commonwealth of Pennsylvania
14   hereby enacts as follows:
15      Section 1.     The definition of "closing date" in section 1822-
16   G of the act of March 4, 1971 (P.L.6, No.2), known as the Tax
17   Reform Code of 1971, amended July 11, 2024 (P.L.674, No.56), is
18   amended to read:
19   Section 1822-G.    Definitions.
20      The following words and phrases when used in this part shall
21   have the meanings given to them in this section unless the
22   context clearly indicates otherwise:
23      * * *
 1      "Closing date."
 2            (1)   With respect to program one tax credit authority,
 3      the date on which a rural growth fund has collected all of
 4      the amounts specified by section 1825-G.
 5            (2)   With respect to program two tax credit authority,
 6      [either] the earliest of the following:
 7                  (i)    the date on which a rural growth fund has
 8            collected all of the amounts specified under 1825-G; [or]
 9                  (ii)    investment authority reallocated under section
10            1826-G(b) or 1833-G(c)[.]; or
11                  (iii)    December 31, 2024.
12      * * *
13      Section 2.        Sections 1828-G(c) and 1829-G(b)(3) of the act
14   are amended to read:
15   Section 1828-G.        Business firms.
16      * * *
17      (c)   Limitation.--The department may not approve more than
18   [$30,000,000] $60,000,000 in credit-eligible capital
19   contributions under this part.
20   Section 1829-G.        Tax credit certificates.
21      * * *
22      (b)   Review, recommendation and approval.--
23            * * *
24            (3)   In awarding tax credit certificates under this part,
25      the department:
26                  (i)    Beginning with fiscal year 2020-2021, may not
27            award tax credit certificates that would result in the
28            utilization of more than [$6,000,000] $12,000,000 in tax
29            credits in any fiscal year, except for tax credits
30            carried forward.

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1              (ii)   May not award more than [$30,000,000]
2         $60,000,000 in tax credit certificates, in the aggregate,
3         under this part.
4     Section 3.    This act shall take effect in 60 days.




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