|Posted:||December 12, 2014 12:36 PM|
|From:||Senator Bob Mensch|
|To:||All Senate members|
|Subject:||Jobs Initiative Package|
|I am re-introducing a series of bills from last session that are aimed at moving the Commonwealth forward through this tough economy by enabling the creation of new jobs for Pennsylvanians, and to help protect our existing jobs.
Reforming the single sales factor was an excellent beginning but we need to remain focused on solutions to turning this economy around and not just the immediate impact of the financial crisis we are facing. Pennsylvania’s tax policies have severally hurt job growth and rendered us uncompetitive even in good economic times. Now is not the time to protect the status quo but to take a bold step in establishing Pennsylvania as pro-business and pro-jobs.
Introduced as SB596
|Description:||This legislation will reduce the Personal Income Tax (PIT) to 2.99 percent.
It was Senate Bill 760 of last session and co-sponsors were ARGALL, GREENLEAF, EICHELBERGER, FOLMER,
YAW, VOGEL, BREWSTER, BROWNE, TEPLITZ, HUTCHINSON, BAKER, WHITE, PILEGGI, WARD.
Introduced as SB597
|Description:||This legislation will reduce the Corporate Net Income (CNI) Tax Rate to 8.99 percent in FY 2014-15, 7.99 percent in 2015-16, and 6.99 percent thereafter. Pennsylvania continues to rank as one of the highest CNIs not only among U.S. states, but also among nations against which the Commonwealth also competes for jobs.
It was Senate Bill 761 of last session and co-sponsors were ARGALL, GREENLEAF, EICHELBERGER, FOLMER,
YAW, VOGEL, BREWSTER, BROWNE, VULAKOVICH, HUTCHINSON, BAKER, WHITE, PILEGGI, WARD, AND BOSCOLA.
Introduced as SB598
|Description:||This bill will uncap the Net Operating Loss (NOL) Carryforward. This will encourage new capital investment in our state, and will create new jobs.
Introduced as SB599
|Description:||This bill will establish a Career Development Credit program to credit a percentage of qualified employer costs for training employees and upgrading their skills against Pennsylvania corporate and income tax liability. The program is capped at $20 million per year, and funded through state dollars already being spent on workforce development in the Commonwealth. There are 18 other states with a job training tax credit.|