The Keystone State landed several notable projects in the past year. Gov. Tom Wolf’s proposed 2021-2022 budget prioritized economic recovery and growth through business tax cuts and investments in workforce development. Department of Community and Economic Development Secretary Dennis Davin noted in a press release that the governor’s plan would lead to a tax cut of more than $240 million, with more than 400,000 business owners paying less in tax than they currently do.
Job Creation Tax Credit (JCTC): Offers a tax credit of $1,000 per year for three years for each job for companies that create at least 25 jobs or expand existing employment by 20%.
Pennsylvania First Program (PA First): Offers grants, loans or loan guarantees for large-scale competitive “targeted industry” projects that involve significant job growth and capital investment.
Qualified Manufacturing Innovation & Reinvestment Deduction: Offers a 5% corporate tax deduction for up to five years for companies that invest more than $100 million in a manufacturing facility.
Pennsylvania Industrial Development Authority (PIDA) Loan: Offers low-interest loans to finance land, building, machinery and equipment costs for businesses that commit to creating or retaining jobs.
Since its creation in 2017, the Pre-Apprentice and Apprenticeship Grant Program, housed at the Department of Community and Economic Development (DCED), has been a success story in the state. It helps employers develop specialized training for their workers to close the skills gap and to provide career opportunities for students and adults. More than 4,700 Pennsylvanians have become apprentices since the program started.
24 Fortune 500 companies headquartered in the state, including: