The Pennsylvania Manufacturers’ Association announced its support for Governor Corbett’s 2013-14 budget.
“Governor Corbett’s budget plan sets the course for expanding Pennsylvania’s economic growth,” said PMA Executive Director David N. Taylor. “It continues his leadership of fiscal discipline and recognizes that private sector job growth is essential for the future prosperity of our commonwealth.”
In the face of rising public pension and Medicaid costs, Governor Tom Corbett unveiled a budget that not only holds the line on spending, but also continues needed pro-growth business tax relief. The Governor also introduced a transportation-funding plan, supported by the business community, that creates jobs and fixes our roads and bridges, many of which are crumbling from years of neglect.
On business taxes the Governor’s proposal will:
- Complete the phase-out of the Capital Stock and Franchise Tax
- Begin a multi-year phase-down of the Corporate Net Income Tax to 6.99%, closer to the U.S. average rate
- Raise the cap on the carry-forward of net operating losses
- Allow like-kind exchanges and start-up business deductions
- Repeal the corporate loans tax
“Over the past two years, we have worked together to reform and remake Pennsylvania.
We, working together, eliminated a $4.2 billion dollar budget deficit without raising taxes,” said Governor Corbett.
The Governor also reiterated his commitment to science, technology, engineering, and math as “critical to the continued advancement of our students, our state and our nation.” PMA supports increased funding in these areas through the privatization of the liquor stores.