Governor Wolf greenlights petrochemical tax credit program that will benefit the natural gas industry
Written by Victoria Scialfa on July 16, 2020
Governor Wolf greenlights petrochemical tax credit program that will benefit the natural gas industry
By Rachel McDevitt, StateImpact Pennsylvania
July 16, 2020
After vetoing a similar measure earlier this year, Governor Tom Wolf a tax credit program for natural gas manufacturers.
StateImpact Pennsylvania’s Rachel McDevitt reports the effort will benefit the natural gas industry, which has been struggling with low prices.
The plan incentivizes fertilizer and petrochemical plants that use Pennsylvania natural gas for their products
Wolf says he agreed to the new bill because it caps yearly spending, cutting the amount of money available over 25 years from more than one billion dollars to around 670 million.
Wolf has said he wants Pennsylvania to cut greenhouse gas emissions 80 percent by 2050…and he says this program could help reach that goal.
“Cracker plants create the feedstock for products, lightweight products that are going to be important in that energy-sustainable future.”
Environmental groups are critical of incentivizing businesses tied to fossil fuels at a time when scientists say pollution from such industries must be cut to avoid the worst effects of climate change.
Trade unions, manufacturing groups and the natural gas industry back the plan.
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