SB 591

Abstract

Economic development incentives for gasification facilities and pyrolysis facilities. The bill provides that gasification facilities and pyrolysis facilities, defined in the bill, shall be eligible for grants from the Commonwealth's Development Opportunity Fund under the minimum investment and job creation criteria for grants from the Fund, which under current law are a $1.5 million investment and 15 new jobs.

Tax and economic development incentives forgasification facilities and pyrolysis facilities. Establishestax and economic development incentives for gasification facilitiesand pyrolysis facilities, defined in the bill. The bill providesthat, for the first five years of operation, such facilities shallbe exempt from income tax and shall be exempt from sales tax for theirpurchases of certain machinery, equipment, and raw materials. Thebill provides that such facilities shall be eligible for grants fromthe Commonwealth's Development Opportunity Fund under the minimuminvestment and job creation criteria for grants from the Fund, whichunder current law are a $1.5 million investment and 15 new jobs.