Updated May 20, 2020
Promotion of Unemployment Compensation Fraud (PMA's David N. Taylor hosts a newsmaker interview with Chris Hackett, CEO of i2M, about his decision to resign from the PA Workforce Development Board due to Governor Wolf's promotion of unemployment compensation fraud.)
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Pennsylvanians will see a rogues gallery of job-killing tax increases from across the decades – some defeated, some repealed – back to haunt our economy.
“You Can’t Go Wrong” -- Reaction to Governor Tom Corbett’s 2014 Budget Address
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.