On December 3, 2015, House
Bill No. 1731, also called Keystone Energy
Enhancement Act, sponsored by Pennsylvania State Representative Mike Turzai,
was referred to the House Commerce Committee. The main purpose of this Bill is
to establish a program supporting employment opportunities and capital investment
within Pennsylvania’s natural gas, manufacturing, and petrochemical industries.
H.B. 1731 provides for
the creation of a Keystone Energy Authority responsible for administering the
program. The Authority would designate specific zones across the state subject
to enhancement. H.B. 1731 provides three general criteria to qualify for a zone
designation: a proposed zone must “(1) Have the potential to provide
manufacturing business, petrochemical business or downstream business
opportunities. (2) Consist of deteriorated property. (3) Have substantial real
property with adequate infrastructure and access to natural gas and natural gas
liquids to support new or expanded development” as well as additional
requirements.
Furthermore, the
program would provide state and local tax benefits to eligible natural gas,
manufacturing, petrochemical and downstream businesses, such as “tax
exemptions, deductions, abatements, and credits for a 10 year period beginning
January 1, 2017.” These businesses would also receive tax benefits depending on
their employment rate.
If passed, the Keystone
Energy Enhancement Act would become immediately effective following the
Governor’s signature.
Written by Chloe Marie - Research Fellow
12/09/2015
Have substantial real property with adequate infrastructure and access to natural gas and natural gas liquids to support new or expanded development” as well as additional requirements. legal case management software
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