Gov. Tom Corbett on Friday signed the Promoting Employment Across Pennsylvania Act to encourage economic development and new job creation in the state.
Under the act, a qualified company that enters into an agreement with the Department of Community and Economic Development will be eligible to retain 95 percent of the company's withholding taxes for individuals employed in new jobs created by the company. Qualified companies must create at least 250 new jobs in Pennsylvania within a five-year period, 100 within the first two years.
The act also allows for an alternate process of which an employer may remit all of the personal income tax withheld from its employees, and then receive a rebate of that personal income tax from the commonwealth.
The program is capped at $5 million per year and will expire Jan. 1, 2018.