Oct. 26, 2022
Tax credits attract billions in career-sustaining investments to PA
HARRISBURG – Continuing efforts to drive investments that will generationally impact the Commonwealth, Speaker of the House Bryan Cutler (R-Lancaster) joined a majority of House members voting in favor House Bill 1059
, which includes the Pennsylvania Economic Development for a Growing Economy (PA EDGE) tax credits.
“The impact of this change cannot be overstated,” Cutler said. “The package will result in billions of dollars in career-creating investment in industries that will put our Commonwealth at the center of where the world is heading, while also honoring the industries that have sustained many of us, including Lancaster County, for so long.”
The PA EDGE would establish a new $15 million per year milk processing tax credit over eight years, which applies to investments of at least $500 million and create a minimum of 1,200 jobs.
“I personally know how hard Lancaster County’s dairy farms work every day to provide the best product possible,” Cutler added. “A large-scale, modern processing facility will help solidify our region’s place as a national leader in dairy production.”
The PA EDGE would also establish specific tax credits across an array of Pennsylvania industries including:
$50 million per year credit for building a U.S. Department of Energy-approved regional clean hydrogen hub.
A $30 million per year increase in the credit available for investments in natural gas-derived fertilizer production facilities.
$20 million per year for biomedical and semiconductor manufacturing facilities that invest at least $200 million and create 800 jobs.
“These are industries at the forefront of economies on an international scale. These tax credits put Pennsylvania in the driver’s seat in the race to attract worldwide leaders in these industries and in return change the course of prosperity for thousands of Pennsylvania families,” Cutler said. “I applaud my colleagues in the House and the Senate for recognizing the importance of taking this action today, and strongly urge Gov. Tom Wolf to sign the legislation into law.”
Speaker Bryan Cutler
100th Legislative District
Pennsylvania House of Representatives