FOR
IMMEDIATE RELEASE
7/04/04
Back
Senate approves two bills by Senator Pippy
Legislation extends tax credit, treasury authority
As part of a rare late
night Saturday session, the state Senate unanimously approved two bills
introduced by Senator John Pippy, R-37th District.
First, the Senate
approved Senate Bill 1190, a bill extending the sunset date of the
employment incentive tax credit from December 31, 2004 to December 31,
2009.
"This important program
provides tax relief to those employ people who previously were on
welfare," Senator Pippy said. "The credit for a portion of the wages paid
to the employee during the first three years of employment and may be
claimed against any tax liability in selected years."
Then, the Senate
approved Senate Bill 1192, which will extend the state Treasurer's
authority to make prudent person investments through December 31, 2008.
"We need to move this
legislation because current state law contains no follow-on period during
which the Treasury could dispose of equity investments," Senator Pippy
said. "That means that if we don't act all of those investments would have
to be divested before the end of this year, which could result in a loss
to the Commonwealth."
Both bills are headed to
the House of Representatives for consideration.
Contact: Matt
Campion 412.262.2260
