25% tax credit proposed for Pennsylvania dairy expansion

June 16, 2008 07:00 PM
 
               Pennsylvania State Sen. Roger Madigan (R., 23) has introduced a dairy initiatives bill that includes a 25% tax credit for costs associated with dairy farm modernization and expansion to eligible applicants. A companion bill in the House has been introduced by Rep. Art Hershey (R., 13).
The Senate Bill is currently being reviewed by the Senate Tax Committee. If it becomes law in its present form, the tax credit would be capped at $250,000 per farm with a total of $50 million in tax credits available in each of the next five fiscal years.
If Pennsylvania dairy producers take full advantage of the credits, they would invest $1.25 billion over the next five years. The Pennsylvania Legislature is to complete its budget by June 30th.

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