Feb. 15, 2013
/PRNewswire-USNewswire/ -- Governor Tom Corbett today discussed his 2013-14 budget while visiting a
business, declaring that thanks to two years of fiscal restraint,
is now on a solid financial footing for the future.
's best days are ahead,'' Corbett said. "We have worked together to bring spending under control. We have worked together to reduce taxes, putting more money into the pockets of our hard-working taxpayers and small business owners."
The governor's proposed budget works to solve
's transportation and pension problems with common-sense reforms, continues to invest historic levels of funding for education, responsibly increases funding into certain areas of the budget because of past fiscal discipline and does not raise taxes on
businesses or working families.
Corbett's proposed budget also includes a bold business tax reform plan that focuses on improving
's tax climate by reducing tax burdens that inhibit job creation and economic growth.
"We are encouraging business growth by phasing out counter-productive taxes like the Capital Stock and Franchise Tax," Corbett said. "The state already taxes businesses income and sales, but
was one of the only places that taxed businesses on what they owned, including what they couldn't sell. That doesn't encourage growth.
"We are also seeking to phase out a tax on business loans. Any small employer knows that a line of credit is often a lifeline, the thing that carries them over to the next business quarter. Yet,
taxes these loans. That's a job-killer and it has to change.
"Right now, the state's corporate net tax income is the highest in the nation. When a company is looking to relocate, they see that rate and start looking elsewhere. We need to reduce the state's Corporate Net Income Tax."