PA Approves New Corporate Tax Credits for Natural Gas

Did someone step on a duck?! 🦆💨 Nope, it's just your friendly, neighborhood dino farts, er um...natural gas! 🦕🙃 Fun fact: PA's the second largest U.S. natural gas-producing state, second only to your Uncle Jim after a holiday meal. 🙊 Just kidding, Texas has the number one spot. 

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The PA government just approved an act that'll boost tax credits for natural gas use by billions. The goal is to promote more clean energy usage and reduce that carbon footprint, because #climatechange… and stuff.

Here’s Five Fast Facts on the new act:

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1. 💩 Fertilize It - Companies who've shelled out over $400 million into a PA fertilizer, natural gas, or petrochemical project are eligible for the credit. They'll have until March 1, 2023 to apply. 
2. 💰 What's All the HubBub? - The Pennsylvania Department of Revenue also plans to set aside $50 million in available tax credits for natural gas purchased from designated in-state "hydrogen hubs".
3. 👷🏗️ Dino Fart Factory Jobs - To get the hydrogen hub credit, purchasing companies have to construct a facility in the Keystone State with a minimum $500 million investment. They'll also need to create a minimum of 1,200 new jobs. 
4. 🦶🏼Nice Carbon Footprint, Bro - State leaders hope these hydrogen hubs will “help to achieve Pennsylvania’s statewide climate goals of reducing greenhouse gas emissions by 26% by 2025 and by 80% by 2050 as compared with 2005 levels." Lofty goals but might be legit.
5. 💯 Extra Credit - The new act edits PA's current tax code and boosts the tax credit dollars from $26.6 million currently to $56.6 million.

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🔥Bottom line: Natural gas is a cleaner way to power up the good ol' U S of A. Switching completely to clean(er) energy looks like a pipe dream because it'll take a dino-sized amount of time and money to get it all done. However, it seems like the government is turtle-y invested in getting there and clean energy tax credits might take the spotlight in the coming years. 

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Are you a fan of natural gas?

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