04/22/24 - 117 New Stories - REAL Environmental & Conservation Leadership In PA: http://tinyurl.com/9bh4zbtr
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Bill By Rep. Lentz Would Provide Tax Exemptions For Green Buildings From Severance Tax
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Rep. Bryan Lentz (D-Delaware) announced this week he will introduce legislation to create new jobs and expand Pennsylvania's green economy by providing tax exemptions for certain green businesses, and establish a severance tax on natural gas drilling to pay for those exemptions.
"We should capitalize on the growing demand for green technology and turn it into an opportunity to create jobs and help unemployed workers across the Commonwealth," Rep. Lentz said. "I am proposing that we give companies a financial incentive to do business in Pennsylvania, which will produce good-paying jobs and brand the state a hot spot for this growing industry. All the while, we'll be reducing our impact on the environment and surrounding communities, and improving the quality of life for residents across Pennsylvania."
Rep. Lentz's bill would authorize the state Department of Community and Economic Development to create 15 Keystone Green Zones across the Commonwealth. Businesses within those zones would be eligible for tax abatements if they manufacture clean and energy-efficient products or products used in the renewable energy industry.
The exemptions would be effective for a 15-year period on the state sales and use tax, Personal Income Tax on income within the zone, Corporate Net Income tax and the Capital Stock and Franchise Tax.
Qualified businesses would also have 100 percent of their property taxes abated, be exempt from the local earned income and net profits taxes, business privilege taxes, mercantile license taxes and local sales and use taxes for the same 15-year period.
In addition, the bill would levy a severance tax on natural gas. A portion of the revenue produced from the severance tax would be dedicated to reimbursing the Commonwealth, municipalities and school districts that provide the tax exemptions and abatements for companies in the Keystone Green Zones.
The tax abatements would only be available for businesses that are within one of the zones, eligible to conduct business in the state and located in areas served by a community college with a science technology and engineering math program.
Rep. Lentz said interest has significantly grown in renewable and cost-efficient energy resources, due to the downturn in the national economy and greater environmental awareness. He added that his legislation would build upon other successful efforts by the state to emerge as green industry leader.
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3/15/2010 |
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