Pennsylvania’s companies face the heaviest tax burdens in the nation, according to a comprehensive analysis conducted by The Tax Foundation, a nonpartisan research group.
According to the report, Pennsylvania ranks 50th in the nation for imposing the heaviest overall taxes on mature businesses and 49th in the nation for the tax burden it places on new companies, the Pittsburgh Tribune-Review
Pennsylvania also imposed the heaviest taxes in the nation on research and development centers, corporate headquarters, and retailers. Only one state, Iowa, has a corporate net income tax higher than Pennsylvania.
“It starts with your corporate net income tax rate. With Pennsylvania's rate at 9.99 percent, it’s not only one of the highest in the nation, it’s punitive to both new and existing businesses," said Scott Hodge, the foundation’s president.
Brian Kennedy, vice president of government relations for the Pittsburgh Technology Council, said he expects reforms proposed by Gov. Tom Corbett — including lifting the tax cap on business loss credits and lowering the corporate net income tax rate — to move the state out of last place.
© 2015 Newsmax. All rights reserved.