Credits/Incentives:
Pennsylvania: New Law Restricts Persons Associated with Russia and Belarus from Claiming Tax Credits
S.B. 282, signed by gov. 12/14/23. Recently enacted legislation known as the “Restrictions for Associations with Russia and Belarus Act” generally restricts the Commonwealth of Pennsylvania (Pennsylvania) from entering into contracts or providing grants or tax credits to persons associated with Russia and Belarus. To implement this new law, the legislation requires the Pennsylvania Treasury Department to develop and publish a list of persons as defined in bill that are owned or controlled by, or are acting for or on behalf of, Russia or Belarus, and provides that persons on such list may not:
Bid on, submit a proposal for, enter into, be a party to or renew a contract with a Pennsylvania agency for the provision of goods and services;
Submit a proposal for, be associated with or renew a grant issued by Pennsylvania; or
Submit a proposal for, receive or renew a tax credit offered by Pennsylvania.
Certain minerals deemed critical or essential to the US economy (i.e., to the US federal government or a US domiciled business) may be exempted from this ban. Please contact us with any questions.
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