(3) Evidence that a job was created to hire a phoenix
employee, if applicable.
(c) Applicable taxes.--A company may apply the phoenix
employee tax credit to 100% of the company's State corporate net
income tax, capital stock and franchise tax or the capital stock
and franchise tax of a shareholder of the company if the company
is a Pennsylvania S corporation, gross premiums tax, gross
receipts tax, bank and trust company shares tax, mutual thrift
institution tax, title insurance company shares tax, personal
income tax or the personal income tax of shareholders of a
Pennsylvania S corporation or any combination thereof.
(d) Phoenix employee tax credit term.--A company may claim a
phoenix employee tax credit for each new phoenix employee hired
or job created for three consecutive years after the phoenix
employee's date of hire, provided the phoenix employee is still
employed by the company.
(e) Limitation.--A company may not receive more than
$150,000 in the first fiscal year, $300,000 in the second fiscal
year and $450,000 in subsequent fiscal years in phoenix employee
tax credits. This amount shall be adjusted to reflect any upward
changes in the Consumer Price Index for All Urban Consumers
(CPI-U) for the Pennsylvania, New Jersey, Delaware and Maryland
area.
(f) Availability of phoenix employee tax credit.--
(1) During the first fiscal year of the phoenix employee
tax credit program, $15,000,000 in phoenix employee tax
credits shall be made available to the department and may be
awarded by the department under this section.
(2) In the second fiscal year of the phoenix employee
tax credit program, a minimum of $30,000,000 in phoenix
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