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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | January 10, 2013 03:50 PM |
|---|---|
| From: | Senator Jay Costa |
| To: | All Senate members |
| Subject: | Tax Modernization and Reinvestment |
| Please join me in sponsoring legislation introduced as Senate Bill 693 in the 2011 - 2012 legislative session by Senators COSTA, HUGHES, KASUNIC, FONTANA, TARTAGLIONE, SOLOBAY, BREWSTER, FARNESE and WASHINGTON. In the near future, I plan on introducing legislation to modernize the business tax system and spur reinvestment in job creation. The Capital Stock and Franchise Tax is an onerous tax that is currently being phased out. My legislation proposes delaying the phase-out until January 1, 2014 and using $80 million in realized revenues to capitalize the PA WORKS Fund. When the phase-out is complete in 2015, the legislation proposes replacing it with an Alternative Minimum Tax at a rate that generates $80 million in revenue, roughly equal to the current minimum tax, to continue the investment in the PA WORKS Fund and insure that all businesses continue to make at least some modest annual business tax payment. Pennsylvania’s economic recovery remains fragile and unsteady. It is critical that we pursue policies that stimulate the economy, move business forward and create jobs even in the midst of difficult fiscal times. This legislation is one part of a legislative package called PA Works that is designed to create 28,000 new jobs, leverage over $2 billion in new private investment and save $150 million. I hope you will join me in sponsoring this legislation. Thank you for your attention to this matter. |
Introduced as SB234