HB 2347
An Act amending the act of April 9, 1929 (P.L.177, No.175), known as The Administrative Code of 1929, in energy development authority and emergency powers, redesignating the Energy Development Authority to the Energy Financing Authority; further providing for definitions, for Energy Development Authority, for annual report, for powers and duties and for authority indebtedness; and making editorial changes.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill changes the name of the Energy Development Authority to the Energy Financing Authority. It clarifies definitions related to ‘cost’ and ‘project,’ expanding the types of projects the authority can support to include renewable energy development, energy conservation, and infrastructure resilience. The bill also outlines the authority’s powers and duties, including the ability to receive grants, make loans, and manage its finances, while establishing a timeline for the authority’s existence.
Key provisions
- Renames the Energy Development Authority to the Energy Financing Authority.
- Defines ‘cost’ and ‘project’ within the Administrative Code, broadening the scope of eligible projects.
- Authorizes the authority to provide grants, loans, and loan guarantees for energy-related projects.
- Grants the authority the power to lease, sell, or otherwise dispose of projects.
- Establishes a timeline for the authority’s existence, contingent on fulfilling its obligations.
- Allows the authority to apply for and receive Federal tax refunds generated by tax credits.
- Provides the authority with the power to acquire, own, and maintain property related to projects.
- Clarifies the authority’s ability to work with private entities and community development financial institutions.
Who is affected
- Pennsylvania residents and businesses involved in energy projects.
- The Energy Financing Authority.
- State government agencies involved in energy policy.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Jennifer O'Mara
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