Tags: taxes | corporate | incentives | rates

Pa. Business Climate Rated Unfriendly

Wednesday, 10 Oct 2012 12:10 PM

By Sandy Fitzgerald

Pennsylvania’s corporate tax rate, the second-highest in the country, is making it difficult to lure employers seeking a climate friendly to businesses, says a report from the Washington-based  Tax Foundation.
 
According to the Pittsburgh Tribune-Review, the state’s corporate net income tax, at 9.99 percent, produced $2.13 billion in the 2010-2011 fiscal year, up from $1.79 billion the year . Iowa, at 12 percent is the only state with a higher rate.
 
Pennsylvania’s outlook wasn’t all bad, however. It placed 19th among states when the Tax Foundation considered personal income, excise, and business tax rates together. The state’s 3.07 flat personal income tax rate is one of the lowest, and the state’s mid-range base 6 percent sales tax rate helped offset the corporate tax category.
 
Still, Leo Knepper, executive director of Citizens Alliance of Pennsylvania, complained the state has to "outright bribe businesses to move here."
 
"If we would take the energy that we’re putting into these targeted incentives and make the tax climate more competitive, we’d be a lot better off.”
 
At least one long-time Pennsylvania employer - the Yuengling & Sons brewery -
has signaled that its future expansion plans may take place in other states with lower corporate rates and more competitive incentives. The Pottsville brewery is one of the oldest and the largest American-owned breweries in the country.
 
Business-friendly tax reforms have passed as part of Republican Gov. Tom Corbett’s budget package for next year, Steve Kratz, a spokesman for the Department of Community and Economic Development. told the Tribune-Review. But he admitted the state may need to do more, given its history of having high taxes and tough regulations.

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Ludacris Custody Battle: Rapper Wins Full Custody of 13-Month-Old Cai

Wednesday, 28 Jan 2015 19:37 PM

In a custody battle for his daughter, rapper and actor Ludacris, whose real name is Chris Bridges, has been granted full . . .

Easter Island Mystery Solved? Research Suggests Cause of Demise

Wednesday, 28 Jan 2015 19:13 PM

New research is shedding light on the Easter Island mystery concerning what caused the downfall of the natives of the is . . .

Mexico Students' Deaths Blamed on Mistaken Identity as Gang

Wednesday, 28 Jan 2015 19:01 PM

Authorities in Mexico said the deaths of 43 college students who went missing four months ago were murders by a group th . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved