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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | January 10, 2023 11:25 AM |
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| From: | Senator Tracy Pennycuick |
| To: | All Senate members |
| Subject: | Jobs Initiative Package |
| Recirculated to correct an error relating to increasing the Net Operating Loss cap. In the near future, I will be reintroducing a series of bills to enable the creation of new, family-sustaining jobs for Pennsylvanians, help protect existing jobs, and grow the Commonwealth’s economy. Pennsylvania has one of the most burdensome business tax structures in the nation. By reducing the strain this structure places on the business community, especially small businesses, we can further incentivize business expansion and promote competition, leading to increased employment and economic growth. History has taught us that economic expansion is the best way to ensure that hardworking Pennsylvanians can find family-sustaining employment, helping to promote a strong and thriving middle class, which has always served as the foundation of our state. Through the revenues realized by continued and sustained economic growth in our Commonwealth, we can proactively help to resolve future budget deficits, along with potential budget stalemates, before they develop. As we emerge from the COVID-19 pandemic, 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. I hope you will join me in co-sponsoring this series of bills so we can move Pennsylvania in the right direction. If you have any questions, please contact Matt Szuchyt from my office at 215-541-2388 or mszuchyt@pasen.gov. |
Document #1
| Description: | Previously introduced as SB720 last session, this legislation will reduce the Personal Income Tax (PIT) to 2.99 percent. |
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Document #2
| Description: | Previously introduced as SB722 last session, this legislation will increase the Net Operating Loss (NOL) Carryforward cap. This will encourage new capital investment in our state, and will create new jobs. |
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Document #3
| Description: | Previously introduced as SB723 last session, this legislation will establish 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 roughly 20 other states with a job training tax credit. |
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