Seip proposal to expand job creation tax credit wins committees' OK

FOR IMMEDIATE RELEASE
State Rep. Tim Seip D-Schuylkill/Berks
www.pahouse.com/Seip

Seip proposal to expand job creation tax credit wins committees' OK

HARRISBURG, June 17 – State Rep. Tim Seip's proposal to expand Pennsylvania's Job Creation Tax Credit has won approval from two House committees.

"My legislation would promote greater investment in business projects across Pennsylvania by immediately increasing this tax credit from $1,000 to $3,000 for each eligible job created," Seip said. "This would build on the economic stimulus package the General Assembly passed in 2004."

Seip's legislation was approved as part of a broader tax-credit and economic-development bill (H.B. 2250). That bill was approved by the House Finance Committee, on which Seip serves, and the House Rules Committee. It is currently in the House Appropriations Committee, which is expected to send it to the full House after producing a required fiscal-impact estimate for the bill.

Seip previously introduced the Job Creation Tax Credit expansion with bipartisan support as a free-standing bill (H.B. 2426).

His legislation would leave the cap for the program at the current level, so no additional revenue would be needed. The state Department of Community and Economic Development has reported that the current capacity of the program can assist all eligible applicants if the annual $22.5 million program is maintained in the budget, as Seip expects it will be. The governor expressed his support for the legislation earlier this year.

###