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. |