Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.
State or Territory: | Pennsylvania |
Effected Jurisdiction: | Pennsylvania |
Jurisdiction type: | State or Territory |
Fiscal year ending In: | 2018 |
Program name: | Tax Credit for New Jobs |
Program purpose: | Job Creation/Retention |
Statutory authority: | Article XVIII‚ÄêB of the Tax Reform Code of 1971 |
Abating jurisdiction(s): | State of Pennsylvania |
Applicable taxes: | Corporate Net Income Tax; Personal Income Tax; Bank and Trust Company Shares Tax; Mutual Thrift Institutions Tax; Gross Receipts Tax; Gross Premiums Tax; Title Insurance Company Shares Tax |
Method of abatement: | Tax Credit |
Provisions for recapture: | Although businesses do not receive the Tax Credit until after the jobs are created, if businesses do not maintain operations for five years all Tax Credits must be refunded. If a business does not create the required promised number of jobs, penalties may be assessed. |
Gross revenue loss: | $10,100,000 |
Reimbursement / offset: | $0 |
Net revenue loss: | $10,100,000 |
Type of loss: | Active |
Additional notes on dislosure: | (none) |
Document source: | https://www.budget.pa.gov/Publications%20and%20Reports/AnnualFinancialRe... |