Corbett And Legislative Leaders Agree On Cracker Tax Break Deal
The AP’s Marc Levy has the details on an agreement that will change the dynamics of the tax break Governor Corbett wants to give Royal Dutch Shell, as it weighs building an ethane cracker in Beaver County:
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—the aides said. 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.
Erik Arneson, a spokesman for Senate Majority Leader Dominic Pileggi, R-Delaware, said the goal and expectation is to send the legislation to Corbett to sign before the fiscal year ends Saturday night and the Legislature heads home for its traditional two-month summer break from Harrisburg.