PA HB1556

Creates a 30% tax credit for qualified production costs at Pennsylvania facilities producing clean steel, clean aluminum, clean cement, clean glass, clean iron, electric grid modernization equipment, energy-efficient heat pumps, turbines, hydrogen electrolyzers, or phase change material ceiling tiles

Caps the credit at $5,000,000 per taxpayer per year, with a total annual program cap of $25,000,000 across all recipients

Requires clean materials to be produced using at least 50% renewable energy sources initially, increasing to 100% by 2035, with greenhouse gas emissions at least 75% below standard production methods (or 50% for facility re-equipment projects)

Allows credits to be carried forward for up to 5 years, sold or assigned to other taxpayers, or passed through to partners/shareholders of pass-through entities

Program expires December 31, 2035, with the Department of Revenue administering commitment letters in consultation with the Departments of Community and Economic Development and Environmental Protection