|Posted:||December 10, 2018 03:26 PM|
|From:||Senator Bob Mensch|
|To:||All Senate members|
|Subject:||Jobs Initiative Package|
|In the near future, I will be reintroducing a series of bills to enable the creation of new jobs for Pennsylvanians, and to help protect our existing jobs.
Pennsylvania has one of the most oppressive business tax structures in the nation. Some will argue that businesses should pay more, but the larger question is how are jobs created? They are created primarily through businesses.
So often we seek punish businesses because it seems to be the political thing to do. But at the end of the day, by punishing businesses, we also punish residents – the taxpayers.
For years I’ve argued that our deficits, along with our budget stalemates, are predictable given the lack of growth in the PA economy. If our state is ever to solve our state budget woes, it is essential that we focus on our state’s economic growth.
Therefore, now is not the time to protect the status quo. Rather, it is the time to take a bold step forward in establishing Pennsylvania as pro-business and pro-jobs. I hope you will join me in co-sponsoring this series of bills so we can move Pennsylvania in the right direction.
If you have any questions please contact Mark Fetzko at 717-787-3110.
|Description:||This legislation will reduce the Personal Income Tax (PIT) to 2.99 percent.
Introduced as SB577
|Description:||This Legislation will reduce the Corporate Net Income (CNI) Tax Rate to 8.99 percent in FY 2019-20, 7.99 percent in FY20-21, 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.
Introduced as SB578
|Description:||This legislation will uncap the Net Operating Loss (NOL) Carryforward. This will encourage new capital investment in our state, and will create new jobs.
Introduced as SB579
|Description:||This legislation 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 state with a job training tax credit.