HARRISBURG, Pa., Nov. 23, 2005 (PRIMEZONE) -- The Pennsylvania Chamber of Business and Industry applauded House lawmakers for joining with the Senate to advance tax changes that will create jobs in the Commonwealth.
"Reducing the tax burden on business is a necessary step toward changing the well-substantiated perception that Pennsylvania is unfriendly to business," said Jim Welty, PA Chamber vice president of legislative and corporate affairs. "The end result will be a stronger, more competitive business climate that invites opportunities for job creation."
On Tuesday, the House amended a business tax reduction bill (H.B. 515) under consideration from the Senate to establish a Single Sales Factor for Corporate Net Income tax apportionment; raise the cap on net operating losses to $10 million or 75 percent of a company's taxable income; and lower the state's Personal Income Tax to 3.05 -- all over a four-year period. The bill passed by a vote of 183-11.
Welty also acknowledged the complexity of the property tax reform issue, which lawmakers debated throughout the week without coming to a final agreement.
"It's clear that the General Assembly is now focused on the people's business, and while no consensus has yet been reached on the difficult property tax issue, legislators sent a clear message that creating jobs here in Pennsylvania is a significant priority too," Welty said. "They understand what employers need to compete, and to create and maintain jobs in Pennsylvanian.
"The Chamber commends the House for its quick action on this legislation, and the Senate's commitment to send this pro-jobs measure to the governor in the near future."
The Pennsylvania Chamber of Business and Industry is the state's largest broad-based business association, with more than 9,000 members covering all 67 counties. More information is available on the Chamber's website at www.pachamber.org.
The PA Chamber of Business and Industry logo is available at: http://media.primezone.com/prs/single/?pkgid=353