Elizabeth Fiedler voted Nay (Passage) on this Legislation.
Title: Establishes an Energy and Fertilizer Manufacturing Tax Credit
Vote to pass a bill that establishes an energy and fertilizer manufacturing tax credit.
Defines “department” as the Department of Revenue of the Commonwealth (Sec. 1).
Defines “downstream company” as a company that uses chemical products or chemical compounds manufactured or processed by a qualified taxpayer as raw material in the company’s production process (Sec. 1).
Defines “methane” as colorless, odorless flammable gas that is the product of biological decomposition of organic matter
Defines “methanol” as toxic, colorless, flammable liquid alcohol, CH3OH, made by oxidizing methane (Sec. 1).
Defines “qualified taxpayer” as a company that satisfies all of the following (Sec. 1):
Purchases and uses Pennsylvania methane in the manufacture of petrochemicals or fertilizers at a facility in Pennsylvania that has been placed in service on or after the effective date of this act;
Has made a capital investment of at least $1 billion in order to construct the facility and place the facility into service in this state; and
Has created at least 1,000 full-time jobs during the construction phase in order to construct the facility and place it into service;
Authorizes a qualified taxpayer to apply to the department for a tax credit under this act (Sec. 1).
Specifies that the application must be submitted to the department by March 1 for tax credits claimed on behalf of qualified products purchased and used in the manufacturing of petrochemicals or fertilizers by the qualified taxpayer during the prior calendar year (Sec. 1).
Authorizes the department to review and approve or disapprove the application by March 20 (Sec. 1).
Specifies that in order to sell or assign a tax credit, a qualified taxpayer must file an application for the sale and assignment of the tax credit with the Department of Community and Economic Development (Sec. 1).
Requires that in order to approve an application, the Department of Community and Economic Development must receive a finding from the department that meets the following standards, including (Sec. 1):
Having filled all the required state tax reports and returns for all applicable taxable years; and
Having paid any balance of state tax due as determined by assessment or determination by the department and not under timely appeal.
Title: Establishes an Energy and Fertilizer Manufacturing Tax Credit