Pennsylvania HB2685 amends tax credit rules to include economic development tax credits with specific requirements.

HB2685 amends the Tax Reform Code of 1971 to establish economic development tax credits. Entities awarded these credits must comply with the Pennsylvania Prevailing Wage Act, employ only Pennsylvania residents, and source 100% of materials from within the Commonwealth. If sourcing 100% locally is impossible, entities must provide procedures for payment, collection, administration, and enforcement. The Department of Community and Economic Development is tasked with annually auditing these entities to ensure compliance. Failure to comply results in penalties.

Pennsylvania HB2685 amends tax credit rules to include economic development tax credits with specific requirements.

HB2685 amends the Tax Reform Code of 1971 to establish economic development tax credits. Entities awarded these credits must comply with the Pennsylvania Prevailing Wage Act, employ only Pennsylvania residents, and source 100% of materials from within the Commonwealth. If sourcing 100% locally is impossible, entities must provide procedures for payment, collection, administration, and enforcement. The Department of Community and Economic Development is tasked with annually auditing these entities to ensure compliance. Failure to comply results in penalties.