Pennsylvania HB1749 establishes a tax credit for companies investing in steel manufacturing facility improvements.
Pennsylvania HB1749 introduces a tax credit for companies investing in facility improvements for steel manufacturing. Eligible companies must invest at least $50 million and create 100 full-time jobs. The tax credit can be used for up to 20% of qualified tax liabilities and can be sold or assigned. The credit aims to promote lower-carbon steel production, increased energy capacity, and the use of recycled steel. The Department of Revenue will review applications and issue up to $20 million in tax credits annually. Companies must report job retention and creation data to the department.
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