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; and providing for Keystone Literacy Investment Tax Credit.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates a new Keystone Literacy Investment Tax Credit to support evidence-based reading instruction programs in Pennsylvania schools. It allows qualified taxpayers, primarily insurance companies, to purchase tax credits from the state and apply them against their insurance premiums tax liability. The program aims to fund initiatives under Article XV-N of the Public School Code, focusing on improving literacy skills and workforce productivity. The bill establishes a fund for these credits and outlines guidelines for their sale and distribution, with a cap on the total amount of credits purchased annually.
Key provisions
- Creates the Keystone Literacy Investment Tax Credit.
- Allows qualified taxpayers (primarily insurance companies) to purchase tax credits.
- Credits can be applied against insurance premiums tax liability.
- Establishes a Keystone Literacy Investment Fund to hold the tax credits.
- Sets a limit of $150 million in tax credits available for purchase.
- The program will begin accepting applications in 2029.
- Provides for a carryover of unused tax credits to subsequent years.
- Outlines a process for transferring tax credits between qualified taxpayers.
Who is affected
- Insurance Companies
- Pennsylvania Taxpayers
- School Districts in Pennsylvania
- Department of Community and Economic Development
- Department of Education
Notable changes
Bill text
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Document of record
- Version
- Pn 3447 Html
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Sponsors
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7 on record
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