Harrisburg – Senator Bob Mensch (R-24) and Senator Andrew Dinniman (D-19) invited the media to attend a press conference on March 16, 2018 at Precision Polymer Products, Inc. located at 815 South Street, Pottstown, PA 19464.
The press conference highlighted the 21st Century Manufacturing Innovation and Reinvestment Deduction Act initiative sponsored by Senator Bob Mensch. The 21st Century initiative was incorporated in the Tax Code (HB 542) which is now Act 43 of 2017. The measure provides an incentive to Pennsylvania manufacturers to make large-scale investments to increase or establish manufacturing capacity within the Commonwealth.
“It will permit manufacturers making capital investments in excess of $100 million to claim a deduction against their taxable income,” said Mensch. “The deduction will encourage businesses to invest in Pennsylvania and pave the way for the economic growth and job creation throughout the state.”
The provision will have no adverse fiscal impact on 2017-18 or 2018-19 budgets as the recipient has three years to make the qualified capital investment and five years to attest to the state that the project is completed. Additionally, the deduction cannot reduce the manufacturer’s tax liability by more than 50 percent.
“Manufacturing is an important part of Pennsylvania’s heritage and remains a significant component of our economy,” Dinniman said. “This act will encourage manufacturers to invest in their operations, our communities, and our workers to help ensure that Pennsylvania’s economy remains strong and competitive into the next century.”
Following the remarks made by Senator Mensch and Senator Dinniman, Mr. Joe Voytilla, President at Precision Polymer Products, provided an overview of their company, products, and process. Precision Polymer Products has been manufacturing elastomeric products for the Medical, Automotive, Electronics and Pharmaceutical industries since 1984. Working closely with product design engineers, allows PPP to carry the product from concept through prototyping and into an efficient production system.
“I am pleased to see such a bipartisan bill supporting tax incentives offered to manufacturers in Pennsylvania,” Voytilla said. “I encourage the Senate to find ways to make this relief available to more manufacturers on a lower project basis. Supporting and nurturing our existing manufacturing base, on accountable projects, is certainly a way to grow our economy, keep and create jobs here in Pennsylvania.”
Senator Mensch and Senator Dinniman expressed their sincere appreciation to Precision Polymer Products for allowing them to hold the press conference at their facility in Pottstown, Pennsylvania. “Precision Polymer Products is an incredible asset to the Pottstown area and we greatly appreciate the opportunity to use their facility.”
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