HB2340

Pennsylvania HB2340 amends the malt beverage tax to provide for limited tax credits.

Pennsylvania HB2340 amends the Tax Reform Code of 1971 to modify the malt beverage tax by providing for limited tax credits. The bill defines "amounts paid" as either actual payments or amounts promised under firm purchase contracts. It allows taxpayers to sell or assign tax credits to other taxpayers, subject to approval by the Department of Revenue. The purchaser can claim the credit against their tax liability but cannot exceed 50% of their tax liability for the year. The bill also sets a cap of $200,000 on qualifying capital expenditures for tax credits in a single year.