business

Time to Drive a Stake Through Wolf’s Undead Tax Agenda

When the layers of Governor Tom Wolf’s latest budget proposal are peeled away during the legislative budget hearings that begin next week, Pennsylvanians will see a rogues gallery of job-killing tax increases from across the decades – some defeated, some repealed – back to haunt our economy.

PMA Bulletin - Corbett Budget Reaction

 “You Can’t Go Wrong” -- Reaction to Governor Tom Corbett’s 2014 Budget Address

Corbett Budget Keeps Government Focused on Core Functions -- Business Taxes

Business Taxes

Only two states, Pennsylvania and New Hampshire, cap the net operating losses (NOL) business can carry over against their Corporate Net Income (CNI) taxes. Here’s why the other 48 don’t. The cap penalizes start-up and cyclical companies by significantly increasing their effective tax rate. Allowing for the deduction in net operating losses improves a business’s tax liability. Not allowing for uncapped NOL deductions puts Pennsylvania at a direct disadvantage in attracting or retaining jobs in these innovative industries.