OUR THOUGHTS ON:

Governor Corbett Anticipates Industrial Revolution in Pennsylvania with Refinery Tax Credit

State and Local Tax

By Cathleen Condrac

With the manufacturing tax credit made official, Pennsylvania Governor Corbett’s goal is to “transform Pennsylvania so we’re not only a supplier of natural gas, but also a processor and manufacturer. Simply put: we will usher in a new industrial revolution in Pennsylvania.”

Although Corbett had proposed a $66 million limit, the manufacturing tax credit passed through the Senate with no maximum cap, thus creating an unlimited tax credit opportunity for companies committed to bringing business and jobs to Pennsylvania. To qualify for the tax credit, legislation requires a minimum $1 billion plant investment and creation of 2,500 jobs. The tax credit was inserted into the 2012-13 state tax code bill that accompanied the budget, even though the tax credit will not be available until 2017.

The much anticipated Shell Oil Company (Shell) plant will be the first “cracker plant” built nationwide in 10 years, and the first to be built in the Appalachian region. For additional information on the Shell refinery and the tax credit, see our previous Insight.

 

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This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

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