OUR THOUGHTS ON:

Pennsylvania Tax Credits Suspended?

State and Local Tax

By Jennifer Koehler

A recent amendment to Pennsylvania HB 2188 added a list of 13 tax credit programs that will be suspended for fiscal years 2014-2015 and 2015-2016 if the bill becomes law.  Taxpayers would be barred from taking the following credits for the next two fiscal years:

  • Property and Casualty Insurance Guaranty Association Credit
  • Research and Development Tax Credit
  • Resource Enhancement and Protection Tax Credit
  • Historic Preservation Incentive Tax Credit
  • Community Based Services Tax Credit
  • Job Creation Tax Credit
  • Mobile Telecommunications Broadband Investment Tax Credit
  • Innovate in Pennsylvania Tax Credit
  • Neighborhood Assistance Program
  • Keystone Special Development Zone Tax Credit
  • Keystone Innovation Zone
  • Sections of the Keystone Opportunity Zone, Keystone Opportunity Expansion Zone and Keystone Opportunity Improvement Zone Act
  • Promoting Employment Across Pennsylvania Act

This amendment would impact numerous taxpayers across many industries.  Taxpayers may want to contact their legislative representatives before this bill is signed into law.

If you have any questions regarding the proposed bill or the impact it could have on your business, contact your Schneider Downs tax professional.

© 2014 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments