An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, 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 and for application and approval of tax credit.

HB 1267 creates tax credits for Pennsylvania businesses investing in semiconductor manufacturing or biomedical manufacturing and research. To qualify, companies must invest at least $100 million in a new facility, create 100 permanent jobs paying at least the prevailing wage, and meet local hiring and construction requirements. The tax credit can be calculated as up to 2.5% of the capital investment or up to $20,000 per job based on payroll taxes. Early stage semiconductor businesses (with under $10 million in revenue) must invest $3 million in R&D and receive a minimum $100,000 credit per year, with a yearly cap of $2 million for all such businesses.