Pennsylvania DCED Secretary Davin Talks Jobs, Manufacturing at 'Jobs That Pay' tour at Bioplast Manufacturing and WorldWide Life Sciences in Bucks County
BRISTOL, Pa., June 15, 2015 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Dennis Davin today visited Bioplast Manufacturing, LLC and WorldWide Life Sciences to highlight Governor Wolf's proposals to reinvigorate Pennsylvania's manufacturing sector and provide additional support to small businesses at the first stop on his "Jobs That Pay" tour.
"The significant reforms proposed in Governor Wolf's first budget will move Pennsylvania forward by creating a pro-business climate that supports our manufacturing sector," said Sec. Davin. "Bioplast Manufacturing and WorldWide Life Sciences are success stories, and the support provided through the Pennsylvania Industrial Development Authority was a catalyst."
Governor Wolf's 2015-16 budget provides critical access to capital for small businesses by infusing $100 million into the Pennsylvania Industrial Development Authority through revenue from the severance tax on gas drilling.
"It was support from the Pennsylvania Industrial Development Authority that helped make this facility possible," said Chris Conway, Director of Operations, WorldWide Life Sciences. "An increase in funding shows strong support to assist companies, like ours, as we work to reshore and expand our operations here in Bucks County."
"Businesses continue to invest in our region with the help of the Pennsylvania Industrial Development Authority," said Robert Cormack, Executive Director, Bucks County Economic Development Corporation. "PIDA continues to be the spark that leads to long-term investments in communities. We are excited and looking forward to Bioplast Manufacturing and WorldWide Life Sciences' future expansion."
The budget proposal also includes a $5 million tax credit that will be distributed to manufacturing companies that are creating good-paying, middle-class jobs. The commonwealth will provide cash payments of up to 5 percent of new taxable payroll to manufacturing companies that increase their annual taxable payroll by at least $1 million over a four-quarter period.
Additionally, it will provide $5 million for a new initiative that combines the knowledge and experience of the state's Industrial Resource Centers with the breaking technological advances of our higher education sector. The IRC Manufacturing Initiative will mobilize the talents of Pennsylvania's research universities to advance manufacturing technology and commercialization. It is anticipated that this investment will be leveraged by 3:1 for federal and private investment.
For more information about Governor Wolf's commitment to supporting job creation, visit www.pa.gov/jobs-that-pay.
MEDIA CONTACT: Lyndsay Kensinger - 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development
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