From the READING EAGLE:
Top state Republican lawmakers have reached an agreement on a package of tax breaks that Gov. Tom Corbett has sought in hopes of encouraging the construction of a multibillion-dollar petrochemical refinery and an associated chemical manufacturing industry in Pennsylvania, lawmakers and legislative aides said Thursday.
Under the agreement, there would be no limit on the tax break – Corbett had proposed capping it at $66 million a year, or almost $1.7 billion total. But it would keep the Republican governor’s proposal for a tax credit of a nickel per gallon of ethane used by a qualifying refinery owner.
The credit would last for 25 years, beginning in 2017, as Corbett had initially proposed. At $1.7 billion, lawmakers say it would be Pennsylvania’s largest financial incentive package ever, but the value of the tax credit could actually exceed $66 million a year, or $1.7 billion total…
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EDITOR: Will there be anything left by the time Corbett is ‘retired’ by voters in the 2014 election?
