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Tax Credit

BUSINESS
July 7, 2013 | By Deborah M. Todd, Pittsburgh Post-Gazette
If tax credits that helped bring Batman and Jack Reacher to Pennsylvania breathed life into the state's film industry, a similar measure included in the new 2013-14 budget could save the day for early-stage tech investments. The Innovate in PA Tax Credit was officially signed into the tax code Sunday and will be activated once the 2013-14 budget makes it through all the necessary channels. The credit boosts funding to Ben Franklin Technology Partners, the state-sponsored initiative that funds regional technology accelerators.
NEWS
June 26, 2013
THE IMAGE of zombies strolling along South Street, running up the "Rocky" steps and perhaps grabbing a cheesesteak is one that seems appealing for Philadelphia tourism, but current tax-credit policies prevented that boom. The article "Why no zombies in Philly?" raised some interesting points. Increasing tourism for Philadelphia would, in fact, spur further economic growth. Unemployment fell 0.5 percentage points from March 2012 to March 2013 in Philadelphia County, but increasing tourism would have the effect of strengthening hospitality and service-based industries and leading to possible job creation in an area where Pennsylvania needs it most.
BUSINESS
June 21, 2013 | By Jane M. Von Bergen, Inquirer Staff Writer
What's the price tag for a job? State and local governments spent an average of $456,000 per job, or $64 billion, to create and retain jobs and businesses in "megadeals" worth $75 million or more, a Washington-based advocacy group said Wednesday. "That's a long payback period before the state would get that much revenue," said Good Jobs First president Greg LeRoy. Pennsylvania and New Jersey rank high among states awarding "megadeals," according to the group, which has tracked 240 deals nationally since 1976.
NEWS
June 8, 2013 | By Megan Rogers, Inquirer Staff Writer
HARRISBURG - Bring on the lights, the cameras, and the action. So says Senate Majority Leader Dominic Pileggi (R., Delaware), who Thursday announced he was introducing a bill to uncap the tax credit for production companies that film in Pennsylvania. The Film Production Tax Credit program is capped at $60 million annually, but its supporters have argued for years that the cap limits production in Philadelphia and the state, let alone do anything to encourage growth. Pileggi and others argue that uncapping the credit could create jobs in the state.
NEWS
June 6, 2013
Schwartz's jobs credit aids vets We do need to put veterans back to work once they return to civilian life ("Applause is no substitute for giving a soldier a job," May 27). Fortunately, there's a leader in Pennsylvania who long has been bettering the lives of veterans. U.S. Rep. Allyson Schwartz's first bill in Congress - signed into law by George W. Bush - created a tax credit for businesses that hire veterans returning from Iraq and Afghanistan. It's a law that helps real people meet real challenges: getting a job, supporting their families, and restarting their civilian lives.
BUSINESS
May 22, 2013 | By David Sell, Inquirer Staff Writer
U.S. Sen. Bob Casey says he doesn't have an answer to the national need for balance in creating health-care financing solutions, but he knows that National Institutes of Health funding helps put and keep jobs in the Philadelphia region. "I focus on NIH funding for a couple reasons," Casey said in a meeting with Inquirer editors and reporters. "No. 1 is because this region of the country has made great progress, but also there is no region more at risk than Southeastern Pennsylvania because of the dollars the state gets.
NEWS
April 17, 2013 | By Matt Katz, Inquirer Trenton Bureau
With a touch of theatrics and an eye toward his reelection, Gov. Christie used Monday's tax deadline to drop a revived tax-credit plan on the Democrats who control the Legislature. "Everybody who works and makes up to $400,000 would be getting a tax cut under this plan," the Republican governor announced. The plan would not cut property taxes for New Jerseyans, who have the nation's highest average property-tax bill. Instead, similar to a plan Christie unsuccessfully pushed last year, it links a 10 percent reduction in income taxes to how much a homeowner pays in property taxes, and restores Christie's previous cut in a tax credit for the working poor.
NEWS
April 12, 2013
EXCUSE ME for bringing up a bad subject, but Monday is when you pay Uncle Sam what you owe in taxes. And tax experts say too many entrepreneurs often leave legitimate small-business tax deductions on the table. According to online publication Small Business Trends , there are 10 key deductions entrepreneurs should not overlook. 1. Health Care Tax Credit If you provide insurance to your workers under ObamaCare, you may be eligible to claim a tax credit of up to 35 percent, if certain criteria are met. 2. Business Use of Personal Car Use your personal vehicle for business purposes?
NEWS
March 14, 2013 | By John P. Martin, INQUIRER STAFF WRITER
A former IRS worker faces more than a dozen years in prison after a jury convicted her Wednesday of masterminding a scheme to collect thousands of dollars in refunds by filing bogus claims for tax credits. The jurors deliberated less than a day before finding Patricia Fountain, 35, guilty of conspiracy and tax fraud charges. They also convicted her boyfriend, Larry Ishmael, 40, and a third conspirator, Calvin Johnson Jr., on similar counts. All are Philadelphia residents. The weeklong trial before U.S. District Judge Stewart Dalzell showcased how an IRS insider used her own experience with the agency to exploit its vulnerabilities and rip it off for nearly five years.
BUSINESS
February 12, 2013 | By Mike Armstrong, Inquirer Columnist
There are many things to call Apple Inc. Maker of the iPhone, iPad, and other must-have products. The world's most innovative company, and the world's most valuable company (at times). Allow me to add to the list: "Major buyer of Pennsylvania tax credits. " The Cupertino, Calif.-based technology Goliath may have more cash than investor David Einhorn believes is prudent, but Apple isn't foolish when comes to taxes. Apple apparently is trying to reduce its tax liability in Pennsylvania by buying up tax credits from other companies here.
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