Left behind in last week’s approval of the state budget are needed reforms to the business tax and regulatory structure that would help Pennsylvania take full advantage of an unrelenting surge in the nation’s economy. America just broke the record of 120 months of sustained growth thanks to the federal Tax Cuts and Jobs Act of 2017, and massive regulatory reform by the Trump Administration. Pennsylvania is missing out on opportunities, however, as businesses rush back into the country to invest in the substantially improved business climate.
Reduce the Corporate Net Income Tax, at 9.99 percent the second highest in the country. Stay on track for final phase-out of the Capital Stock & Franchise Tax. Maintain fight against corporations reporting all taxes from all jurisdictions (combined reporting).