Pa. Bills Seek Tax Credit Enhancements For Virus Recovery

Pennsylvania would assist pandemic-affected businesses by temporarily allowing carryforwards for purchased tax credits and extending the years of eligibility in a tax credit program for new companies under a pair of bills introduced in the state Senate.

S.B. 681 would allow tax credits purchased in 2020 and 2021 to be carried forward for one year, and S.B. 682 would extend the eligibility period of the Keystone Innovation Zone tax credit program from eight years to 10 years. Sen. John Yudichak, I-Nanticoke, introduced the bills on Monday, which were referred to the Senate Finance Committee.

Yudichak believes the bills will assist companies that have suffered financially during the coronavirus pandemic, according to a March memorandum he circulated seeking sponsors for the legislation.

--Editing by Vincent Sherry. 

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