Pennsylvania SB 440: An Act amending the act of May 17, 1921 (P.L.682, No.284), known as The Insurance Company Law of 1921, in casualty insurance, further providing for conditions subject to which policies are to be issued and for health insurance coverage for certain children of insured parents.

Bill Text

PRINTER'S NO. 466
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No. 440
Session of
2025
INTRODUCED BY PENNYCUICK, BOSCOLA, GEBHARD, FONTANA, COSTA,
FARRY, SAVAL AND STEFANO, MARCH 21, 2025
REFERRED TO FINANCE, MARCH 21, 2025
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in Pennsylvania Economic Development for a
Growing Economy (PA EDGE) tax credits relating to
semiconductor manufacturing and biomedical manufacturing and
research, further providing for definitions, for eligibility,
for application and approval of tax credit and for sale or
assignment.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The definitions of "project facility," "qualified
taxpayer" and "semiconductor manufacturing" in section 1771-L of
the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform
Code of 1971, are amended and the section is amended by adding a
definition to read:
Section 1771-L. Definitions.
The following words and phrases when used in this subarticle
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shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
* * *
"Early-stage semiconductor business." A business with less
than $10,000,000 in revenue in the areas of research or design
of semiconductor materials, semiconductor devices or
semiconductor packaging and testing.
"Project facility." A facility located in this Commonwealth
which is owned and operated by [the] a qualified taxpayer and
where semiconductor manufacturing, biomedical manufacturing or
biomedical research is conducted by [the] a qualified taxpayer
at the project facility.
"Qualified taxpayer." [A company that satisfies all of the
following:
(1) Conducts semiconductor manufacturing, biomedical
manufacturing or biomedical research in this Commonwealth at
a project facility in this Commonwealth that has been placed
in service on or after the effective date of this section.
(2) Has made a capital investment of at least
$200,000,000 in order to construct the project facility and
place the project facility into service in this Commonwealth.
(3) Has created a minimum aggregate total of 800
permanent jobs.
(4) Has made good faith efforts to recruit and employ,
and to encourage any contractors or subcontractors to recruit
and employ, workers from the local labor market for
employment during the construction of the project facility.
(5) Has demonstrated that the new jobs created at the
project facility or for work covered by Subarticle F are paid
at least the prevailing minimum wage and benefit rates for
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each craft or classification as determined by the Department
of Labor and Industry.
(6) The construction work to place a project facility
into service shall be performed subject to the act of March
3, 1978 (P.L.6, No.3), known as the Steel Products
Procurement Act.] A company that either:
(1) is an early-stage semiconductor business; or
(2) satisfies all of the following:
(i) Conducts semiconductor manufacturing, biomedical
manufacturing or biomedical research in this Commonwealth
at a project facility in this Commonwealth that has been
placed in service on or after the effective date of this
paragraph.
(ii) Has made a capital investment of at least
$20,000,000 in order to construct the project facility
and place the project facility into service in this
Commonwealth.
(iii) Has created or retained a minimum aggregate
total of 100 permanent jobs.
(iv) Has made good faith efforts to recruit and
employ, and to encourage any contractor or subcontractor
to recruit and employ, workers from the local labor
market for employment during the construction of the
project facility.
(v) Has demonstrated that the new jobs created at
the project facility or for work covered by Subarticle F
are paid at least the prevailing minimum wage and benefit
rates for each craft or classification as determined by
the Department of Labor and Industry.
(vi) The construction work to place a project
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facility into service is subject to the act of March 3,
1978 (P.L.6, No.3), known as the Steel Products
Procurement Act.
"Semiconductor manufacturing." [The manufacture of
components or the creation of advanced processes or technology
within the semiconductor manufacturing and related equipment and