HARRISBURG, Pa., Oct. 26, 2012 /PRNewswire-USNewswire/ -- Governor Tom Corbett signed House Bill 2626, known as the Promoting Employment Across Pennsylvania Act, into law today to encourage economic development and new job creation in the state.
"As governor, I am committed to ushering in an economic environment where the private sector can grow and create jobs," Corbett said. "I commend the General Assembly for their work on this initiative to grow new jobs in Pennsylvania."
Under the act, a qualified company that enters into an agreement with the Department of Community and Economic Development (DCED) will be eligible to retain 95 percent of the qualified company's withholding taxes for individuals employed in new jobs created by the company. Qualified companies must create at least 250 new jobs in Pennsylvania within a five year period, 100 of which must be created within the first two years.
The act also allows for an alternate process of which an employer may remit all of the personal income tax witheld from its employees, and then receive a rebate of that personal income tax from the commonwealth.
Promoting Employment Across Pennsylvania program is capped at a total of $5 million per year and is set to expire on January 1, 2018.
To read the full text of the bill, visit the General Assembly's website at www.legis.state.pa.us.
For more information about Governor Corbett, visit www.governor.pa.gov.
Kelli Roberts, Governor's Office; 717-425-1044
Steve Kratz, DCED; 717-571-0197
SOURCE Pennsylvania Office of the Governor