PENNSYLVANIA, February 22 - PRINTER'S NO. 249

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

No.

271

Session of

2021

INTRODUCED BY STREET, FONTANA, SANTARSIERO, BLAKE, COSTA AND

KANE, FEBRUARY 22, 2021

REFERRED TO FINANCE, FEBRUARY 22, 2021

AN ACT

Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An

act relating to tax reform and State taxation by codifying

and enumerating certain subjects of taxation and imposing

taxes thereon; providing procedures for the payment,

collection, administration and enforcement thereof; providing

for tax credits in certain cases; conferring powers and

imposing duties upon the Department of Revenue, certain

employers, fiduciaries, individuals, persons, corporations

and other entities; prescribing crimes, offenses and

penalties," in research and development tax credit, further

providing for limitation on credits; and providing for Angel

Investment Tax Credit.

The General Assembly of the Commonwealth of Pennsylvania

hereby enacts as follows:

Section 1. Section 1709-B(a) of the act of March 4, 1971

(P.L.6, No.2), known as the Tax Reform Code of 1971, is amended

to read:

Section 1709-B. Limitation on Credits.--(a) The total

amount of credits approved by the department shall not exceed

[fifty-five million dollars ($55,000,000)] one hundred million

dollars ($100,000,000) in any fiscal year. Of that amount,

[eleven million dollars ($11,000,000)] twenty million dollars

($20,000,000) shall be allocated exclusively for small

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