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.
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