Business leaders and elected officials across the state continue to spotlight the major advances to Pennsylvania’s competitiveness through recently enacted tax reforms, which will halve the state’s Corporate Net Income Tax over the next ten years and provides for additional relief and fairness for small businesses through Section 179 deductions at the state level and deferrals of liability for like-kind exchanges.
The Allentown Morning Call published a front page story last Sunday highlighting what tax reform means for the state and region. Among the quoted leaders was PA Chamber President and CEO Luke Bernstein, who noted “these tax reforms instantly make us more globally competitive and allow us to focus on Pennsylvania’s strengths as a hub of global commerce and opportunity — our prime location, world-class educational institutions, innovative workforce and more.”
The article also quotes Don Cunningham, President and CEO for the Lehigh Valley Economic Development Corporation, who stated that the reductions in CNIT take away a long-standing “black mark” for doing business in PA. Senate Majority Appropriations Chairman Pat Browne hailed the reforms as “the most significant changes to improve the economic climate here in Pennsylvania in more than a generation,” and the Tax Foundation’s Tim Vermeer provided additional context to the negative effects to workers and consumers from high rates of taxation on businesses.
The PA Chamber’s support for tax reform was also noted in a release by the Governor. Quoted alongside other business and non-profit leaders reacting to the state budget, President and CEO Luke Bernstein said, “On behalf of the state’s business community, I want to thank the Governor and the leaders in the House and Senate for working across the aisle to pave the way for greater opportunity for generations to come, and our deep thanks to the 222 members of the House and Senate who voted yes.”
Throughout the week, the PA Chamber continued to highlight on social media and on our website the voices of key allies in the state legislature and Gov. Wolf, who helped ensure tax reform got done this session. Follow us on Facebook, Twitter and LinkedIn for more updates on how we are advancing opportunity for Pennsylvania businesses and working families!