Tags: Economic- Crisis | gas | tax | credit | pennsylvania | plastics

Pa. Gov. Corbett Pushes $1.65B Tax Credit for Chemical Plants

By Sandy Fitzgerald   |   Tuesday, 05 Jun 2012 11:06 AM

Pennsylvania Gov. Tom Corbett is pushing a proposal that would give Shell Oil and other companies more than $1.65 billion in tax credits to build plants in the state to process natural gas by-products into plastics.
 
Shell Oil apparently will have one facility, a so-called ethane cracker plant, ready to go in the southwestern part of the state by 2017, according to the Pittsburgh Post-Gazette.
 
Construction of the facility is expected to put about 10,000 people to work, and once built the petrochemical plant will employ a full-time workforce of several hundred to process natural gas liquids into plastics and other materials, the Post-Gazette reported.
 
The newspaper said Corbett, whose proposal is part of larger bill to be introduced in the state Senate next week, hopes to attract other companies to build ethane facilities as well by making the tax credits available over the next 25 years. 
 
Steve Kratz, a spokesman for the Pennsylvania Department of Community and Economic Development, described the GOP governor’s tax incentive plan as “part of a push to develop natural gas uses in the commonwealth.”
 
“If we passively sit and hope the market develops, we could have our natural resources piped out of state,” he said.
 

© 2015 Newsmax. All rights reserved.

1Like our page
2Share
202
2012-06-05
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved