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Finance Committee advances technical fix to jobs investment tax credit, freeing up $50 million
Summary
The House Finance Committee on June 30 approved a technical amendment to a jobs investment tax credit bill that lawmakers and staff said will allow the Department of Community and Economic Development to release roughly $50 million for investments in small, rural businesses.
House Finance Committee members voted to report House Bill 16 67 out of committee after lawmakers said a drafting error has held up disbursement of program funds.
The measure, described by the prime sponsor as a technical fix to the jobs investment tax credit, was supported by Representative Taycak, who said the program “is an already successful program. There's already been $50,000,000 that has been invested in small businesses in rural areas of Pennsylvania, all of it to businesses with under 150 people.” He said investors may claim credits only when jobs are actually created and that the amendment restores language needed so the Department of Community and Economic Development (DCED) can release the credits.
The bill drew brief supportive remarks from committee members and staff who said the change corrects a drafting error introduced during last year's tax code work. “We had this bill back in 2023 and our committee had the language correct,” one committee member said, noting a few words were changed at the “tax code table” last summer and those changes prevented DCED from releasing funds.
Chairman Griner called for a roll-call vote; the committee reported the bill by a vote of 24 to 2. No amendments were recorded on the floor of the committee during discussion. Committee staff indicated the change is technical in nature and intends only to allow the program to operate as previously authorized.
The committee did not set an immediate floor date as part of the discussion; lawmakers said the next procedural steps will follow normal chamber scheduling and calendar procedures.
