Harrisburg – Sen. Bob Mensch (R-24) today reintroduced a package of bills to enable the creation of new jobs for Pennsylvanians and to help protect our existing jobs.
Mensch noted that Pennsylvania has one of the most oppressive business tax structures in the nation, and that jobs are created primarily through businesses.
“So often we to 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,” Mensch said.
“For years I’ve argued that our deficits, along with our budget stalemates, are predictable given the lack of growth in the state economy. If our state is ever to solve our state budget woes, it is essential that we focus on our state’s economic growth,” he added.
The Jobs Initiative Package includes:
- Senate Bill 577 reduces 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.
- Senate Bill 578 uncaps the Net Operating Loss (NOL) Carryforward. This will encourage new capital investment in our state, and will create new jobs.
- Senate Bill 579 establishes 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.
Mensch has introduced similar job-creation legislation in recent legislative sessions.
“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,” he said.
For more information on Senator Mensch’s legislation, visit www.senatormensch.com. State updates can also be found on Senator Mensch’s Facebook at www.facebook.com/PASenatorBobMensch, or Twitter @SenatorMensch.
CONTACT: Mark Fetzko, firstname.lastname@example.org, 717-787-3110