HB 2507
An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in tax credit and tax benefit administration, further providing for definitions; providing for Internship Tax Credit Program; and promulgating regulations.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates an Internship Tax Credit Program in Pennsylvania designed to encourage businesses to hire qualified interns. It defines key terms like ‘qualified business,’ ‘qualified intern,’ and ‘qualified internship,’ and outlines the process for businesses to apply for and receive tax credits. The bill also includes provisions for a waiting list if all available credits are initially allocated and a temporary increase in the maximum credit available if all credits are not awarded by October 1 of a fiscal year. It establishes regulations for the program's implementation and sets a cap on the total amount of credits available annually.
Key provisions
- Defines key terms such as ‘qualified business,’ ‘qualified intern,’ and ‘qualified internship.’
- Establishes an Internship Tax Credit Program for qualified businesses.
- Specifies eligibility requirements for both businesses and interns.
- Outlines the application process for claiming the tax credit.
- Creates a waiting list for businesses that initially apply for credits.
- Provides for a temporary increase in the maximum tax credit available if all credits are not initially awarded.
- Sets a statewide credit cap of $2,500,000 per fiscal year.
- Limits the tax credit per intern to $2,000 and the total credit per tax year to $10,000.
Who is affected
- Businesses
- Interns
- Educational Institutions
- The Department of Revenue
- Employers
Notable changes
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