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MEDIA ADVISORY: 21st Century Manufacturing Innovation and Reinvestment Deduction Act Press Conference at Precision Polymer Products
HARRISBURG (February 26, 2018) – State Senator Andrew Dinniman and Senator Bob Mensch invite the media to attend a press conference on March 16, 2018, at 9:30 a.m. at Precision Polymer Products located at 815 South Street, Pottstown, PA 19464. The press conference will highlight the 21st Century Manufacturing Innovation and Reinvestment Deduction Act initiative sponsored by Senator Bob Mensch.
The 21st Century initiative was incorporated in the Tax Code (HB 542) which is now Act 43 of 2018. This measure provides an incentive to Pennsylvania manufacturers to make large-scale investments to increase or establish manufacturing capacity within the Commonwealth. It will permit manufacturers making capital investments in excess of $100 million to claim a deduction against their taxable income. The deduction will encourage businesses to invest in Pennsylvania and pave the way for the economic growth and job creation throughout the state. This provision will have no adverse fiscal impact on 2017-18 or 2018-19 budgets as the recipient has three years to make the qualified capital investment and five years to attest to the state that the project is completed. Additionally, the deduction cannot reduce the manufacturer’s tax liability by more than 50 percent.
Tagged with: Senator Andy Dinniman