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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.

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