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In this week's newsletter...Reed and Depasquale introduce Business Tax Reform Proposal
January 31, 2012
Filed in:
Representatives Dave Reed and Eugene DePasquale were joined by a bipartisan group of House members including Speaker Sam Smith and Majority Leader Mike Turzai to unveil House Bill 2150, a proposal to reform Pennsylvania’s business tax structure. Rep. Reed said the proposal is necessary as a mechanism for job creation, an issue he said is number one on the minds of Pennsylvanians. He said the bill’s business tax reforms will make Pennsylvania more competitive and business friendly, an initiative that began years ago with the Keystone Manufacturing Initiative. This is especially important, he said, since Pennsylvania has a long history of being uncompetitive with its business tax climate. Rep. Reed explained the key components of the bill include: reducing the Corporate Net Income Tax from 9.99 percent to 6.99 percent over six years; having a single sales factor; a nine-year phase-out of the net operating loss carry-forward; and closing the Delaware Loophole. For more information, click here.
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