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Pennsylvania State Senate
05/06/2024 10:30 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20130&cosponId=12982
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Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: June 17, 2013 10:16 AM
From: Senator Richard L. Alloway, II
To: All Senate members
Subject: PA is Open for Business - Reform of Pennsylvania's Business Tax tructure
 
In the near future, I will introduce legislation that will offer a comprehensive business tax reform plan for Pennsylvania's Business Tax Structure by implementing the following:
  • Stop double taxation by maintaining the complete phase out of the Capital Stock and Franchise Tax (CSFT).
  • Drive the economy in Pennsylvania by reducing the Corporate Net Income Tax (CNI).
  • Allow Pennsylvania to better compete for jobs by increasing the cap for Net Operating Losses (NOL).
  • Encourage all types of business expansion by providing for Like-Kind Exchanges and Start-Up Business Deductions for Pennsylvania's businesses.
  • Offering clear and concise Tax Policy-Sales Factor Marketing Sourcing.
  • Becoming more fair and equitable toward businesses by eliminating the 89-11 Loophole, Pass Through Business Compliance, Elimination of the Resident Credit for Taxes paid to Foreign Countries, and Corporate net Income Tax Non-Filer Penalty.
  • Implementation of a few tax simplification repeals that will repeal state nuisance taxes, as well as obsolete taxation and administrative provisions.
This legislation offers a necessary strategy for implementing business tax reforms in the Commonwealth to help Pennsylvania better compete in today's economy.

Introduced as SB1038