The measure would offer tax breaks to companies investing big bucks in the industry.
POTTSTOWN, PA — State Sens. Bob Mensch and Andrew Dinniman spoke Friday at a press conference to highlight the 21st Century Manufacturing Innovation and Reinvestment Deduction Act initiative sponsored by Mensch.
The press conference was held at Precision Polymer Products, Pottstown.
The 21st Century initiative provides an incentive to 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," Mensch, a Montgomery County Republican who represents part of Berks County, said in a press release. "The deduction will encourage businesses to invest in Pennsylvania and pave the way for the economic growth and job creation throughout the state."
Dinniman, a Chester County Democrat, said: "Manufacturing is an important part of Pennsylvania's heritage and remains a significant component of our economy. 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 by Mensch and Dinniman, Joe Voytilla, president at Precision Polymer Products, provided an overview of the company, products, and process. Precision Polymer Products has been manufacturing elastomeric products for the medical, automotive, electronics and pharmaceutical industries since 1984.
"I am pleased to see such a bipartisan bill supporting tax incentives offered to manufacturers in Pennsylvania," Voytilla said.
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