This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Governor Corbett Introduces Jobs-Focused Budget; Positions PA For Continued Economic Success

HARRISBURG, Pa., Feb. 5, 2013 /PRNewswire-USNewswire/ -- Gov. Tom Corbett today introduced a jobs-focused budget proposal that continues to make state government a true partner in job creation. 

Through broad-based tax reform, building a trained and skilled workforce, and deploying strategic solutions to foster a strong business climate, the governor's proposal positions Pennsylvania well for continued job growth.

The governor's budget includes a bold tax reform proposal that focuses on improving Pennsylvania's tax climate by reducing tax burdens that inhibit job creation and economic growth. Specific initiatives include the following:

  • 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.

Combined, these tax reform measures are projected to have a significant positive impact on Pennsylvania's economy.

"Economic modeling shows that these initiatives will create more than 18,000 jobs over the next 10 years, as well as increase the state gross domestic product by $2.8 billion and grow personal income by $1.9 billion by 2030," Department of Revenue Secretary Dan Meuser said.  "These positive economic effects also increase state tax revenue, creating more than $1 billion in new tax revenue through 2030."

The governor's proposed budget for the Department of Community and Economic Development (DCED) places an emphasis on public/private partnerships, international business development, and deploying state resources to support private sector job creation and business growth.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs