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For Immediate Release
June 16, 2008
Contact: Lisa Landis
Legislative Director
717-787-6709
Back Senate Approves Tax Stimulus Package
Bills directed toward businesses, low-income Pennsylvanians
HARRISBURG – Lower-income working Pennsylvanians and businesses could see
nearly $96 million in tax relief in the upcoming fiscal year under a legislative
package approved by the state Senate today, state Senator Mike Brubaker (R-36)
said.
"These four bills are intended to stimulate Pennsylvania's economy, protect
jobs and provide relief," said Brubaker, who cosponsored the legislation.
The bills approved by the Senate include:
- Senate Bill 1385, which would expand the cap on the Net Operating Loss
provision of the Corporate Net Income Tax from $3 million, or 12.5 percent
of taxable income, to $5 million, or 20 percent of taxable income, thereby
offering additional incentives for business expansion and development
- Senate Bill 1386, which would increase the eligibility limits for
special tax forgiveness for low-income working families by a total of $2,000
over three years and the dependent allowance by $500 over the same time
period
- Senate Bill 1387, which would double the amount that small business may
deduct as Section 179 expenses – all or part of the costs of machinery and
equipment used for business purposes – on their income tax filings, helping
those businesses make investments and upgrade facilities
- Senate Bill 1388, which would amend the Corporate Net Income Tax to
expand the sales factor from 70 percent to 85 percent to provide assistance
to Pennsylvania companies that are based here and employ Pennsylvania
citizens
Senate Bills 1385 through 1388 now go before the state House of
Representatives for consideration.
"I was very pleased to support this stimulus package," Brubaker said. "I look
forward to further discussing these proposals as part of the General Assembly's
consideration of the 2008-09 state budget, as well as many other matters of
importance to Pennsylvania's economy and fiscal health." |
