Bloomberg Tax
July 23, 2020, 10:27 PM

Pennsylvania Governor Signs $667 Million Fracking Tax Credit

John Herzfeld
John Herzfeld
Staff Correspondent

A bipartisan bill giving tax breaks to Pennsylvania manufacturers that use dry natural gas to make petrochemicals and fertilizers was signed into law Thursday by Gov. Tom Wolf.

The measure (HB 732), a compromised version passed last week after the Democratic governor vetoed a similar measure in March, allows for approval of tax credits for four projects a year, adding up to nearly $667 million over the 25-year span of the economic development incentive program. The annual cap will be $26.7 million.

  • Applicants must invest at least $400 million in a project facility using dry natural ...