- Eliminating the capital stock/foreign franchise tax in January 2014, putting an end to Pennsylvania's role as the only state in the nation to tax both business income and business assets.
- Beginning to reduce the corporate net income tax from one of the highest rates in the nation at 9.99 percent down to 6.99 percent through a gradual, multi-year phase-down.
- Raising the cap on net operating loss deductions from $3 million, or 20 percent of income, to $5 million, or 30 percent of income, to attract technology, bioscience and research companies.
- Allowing for like-kind exchanges and start-up business deductions, aligning state tax code with federal tax treatment and encouraging small business expansion.
- Repealing the corporate loans tax , ending an unjust burden placed on small businesses without access to traditional forms of lending that take loans to grow or simply pay regular business expenses. Elimination of this tax will also end a deterrent to establishing corporate headquarters in Pennsylvania.
- Simplifying the tax code and repealing nuisance taxes , eliminating a number of anti-job growth restrictions on business and individuals and removing obsolete taxation and administrative provisions.
Governor Corbett Introduces Jobs-Focused Budget; Positions PA For Continued Economic Success
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