Nov. 03, 2022
– State Rep. Martina White (R-Philadelphia) today had two bills signed into law. Act 133 of 2022
creates a task force to study making the Port of Philadelphia an export terminal for liquefied natural gas (LNG). Act 103 of 2022
extends the ability of businesses operating in the City of Philadelphia to carry-forward Net Operating Losses (NOLs).
“Pennsylvania could and should be a leader in the production and export of clean energy sources, like liquified national gas. We have an abundance under the ground that can provide the United States with energy freedom, and we have a port right here in Philadelphia that can be used to export it,” said White. “We are less than 50 miles of infrastructure away from Pennsylvania changing the world for the better. An LNG export facility here will help reduce carbon emissions globally, further U.S. energy independence, promote peace for our European allies who would no longer rely on tyrannical governments for their energy supply, create good-paying jobs and make energy cheaper for families and job creators across Pennsylvania.”
Act 133 would specifically create a taskforce to study what obstacles are currently preventing Philadelphia from becoming a leader in exporting LNG. The taskforce will be charged with creating a report and recommendations to be presented to the General Assembly and the administration. The taskforce will be made up of people representing the General Assembly, natural gas industry, Philadelphia building trades and PhilaPort.
Act 103 will improve the business tax climate in the City of Philadelphia by extending the ability of businesses to carry-forward Net Operating Losses (NOLs) from three years to 20 years.
“This new law will not only prove invaluable in strengthening the tax climate to attract and retain businesses but will also bring the city of Philadelphia in line with the current statewide treatment of NOLs – which is also 20 years,” said White.
“Both of these new laws set Philadelphia up for future success and needed economic gains,” continued White. “I appreciate my colleagues in the General Assembly and the governor for realizing the importance of these bills and the positive impacts they will have on the city.”