POTTSTOWN PA – Bi-partisan state Senate support for tax incentives offered to help Pennsylvania manufacturers expand made a favorable impression Friday (March 16, 2018) on Joe Voytilla, president of Precision Polyment Products, 815 South St., as two Harrisburg politicians used his company’s facility to promote new legislation.
Senators Bob Mensch of the 24th District, representing Montgomery County, and Andrew Dinniman of the 19th District, Chester County, called a press conference at Precision to tout the 21st Century Manufacturing Innovation and Reinvestment Deduction Act passed last year. It provides an incentive to Pennsylvania manufacturers to make large-scale investments that create or increase manufacturing capacity within the Commonwealth.
“It will allow manufacturers making capital investments in excess of $100 million to claim a deduction against their taxable income,” said Mensch. “The deduction will encourage businesses to invest in Pennsylvania and pave the way for the economic growth and job creation throughout the state.”
The legislators claimed the act has “no adverse fiscal impact on 2017-18 or 2018-19 budgets” because recipients have three years to make the qualified capital investment, and five years to report that the project is completed. The deduction won’t reduce a manufacturer’s tax liability by more than 50 percent, they also noted.
Voytilla liked what he heard, and urged Mensch and Dinniman to make a similar but smaller offer to manufacturers with less to invest.
“I encourage the Senate to find ways to make this relief available to more manufacturers on a lower-project basis. Supporting and nurturing our existing manufacturing base, on accountable projects, is certainly a way to grow our economy, keep and create jobs here in Pennsylvania,” he said.
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