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, for eligibility, for application and approval of tax credit and for sale or assignment.

SB 440 creates new tax credits under Pennsylvania’s PA EDGE program for semiconductor and biomedical manufacturing and research companies meeting specific criteria. It directly affects businesses that invest at least $200 million (or $20 million for early-stage semiconductor firms) in facilities, create 800 (or 100) permanent jobs, and meet local hiring and wage standards. The bill establishes two credit calculation methods: up to 2.5% of capital investment or up to $20,000 per job (capped at $20 million annually). Eligible companies must apply by March 1 each year, with credits approved by May 1, and the program prioritizes semiconductor projects with a minimum $1 million annual allocation. The tax credits reduce state tax liability for qualifying investments and job creation in these sectors.