HB 2301
An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in Pennsylvania Economic Development for a Growing Economy (PA EDGE) tax credits, further providing for definitions and providing for tax credits for critical minerals extraction.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill amends Pennsylvania’s Economic Development for a Growing Economy (PA EDGE) tax credits to include tax credits for the extraction of critical minerals from produced water. It defines key terms like ‘upstream company,’ ‘qualified project facility,’ and ‘critical mineral,’ and establishes eligibility requirements for companies seeking these credits. The bill also outlines procedures for applying for, reviewing, and administering the tax credits, including a cap on the total amount available and requirements for job creation and local labor recruitment. Finally, it mandates annual reporting to the General Assembly on the program’s effectiveness.
Key provisions
- Defines ‘upstream company’ to include entities involved in the exploration, development, and production of critical minerals, natural gas, clean hydrogen, and related products.
- Establishes a tax credit for companies extracting critical minerals from produced water, subject to specific investment and employment requirements.
- Defines ‘critical mineral’ based on the U.S. Department of the Interior’s criteria.
- Sets a minimum capital investment requirement for project facilities seeking the tax credit.
- Requires qualified taxpayers to demonstrate good faith efforts to recruit local workers.
- Limits the total amount of tax credits available annually to $25 million.
- Limits the amount a single qualified taxpayer can receive to $5 million.
- Mandates annual reporting to the General Assembly on the program’s impact.
Who is affected
- Energy companies
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Jacob Banta
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