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FOR IMMEDIATE RELEASE |
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State Rep. Mike Sturla Chairman, Majority Policy Committee |
State Rep. David Levdansky D-Allegheny Chairman, Finance Committee |
Majority Policy Committee, Levdansky consider combined reporting and closing corporate tax loopholes
PITTSBURGH, Jan. 20 – The House Majority Policy Committee held a public hearing today at the University of Pittsburgh to look at combined reporting and closing corporate tax loopholes, according to committee Chairman Mike Sturla, D-Lancaster.
Sturla noted that a current loophole in state business tax law allows some corporations to avoid taxation by shifting profits to foreign subsidiaries. He co-chaired the hearing with House Finance Committee Chairman David Levdansky, D-Allegheny/Washington.
"The issue of mandatory unitary combined reporting is a recurring subject in the state Capitol because the issue of tax fairness is important to many of our members," Sturla said. "I am proud to hold this hearing with House Finance Committee Chairman Levdansky because he is a leader on this issue. It is time for us to end the inequitable financial edge that foreign corporations not based in Pennsylvania currently have over our local businesses."
Levdansky said, "It is simply unfair that the vast majority of businesses who pay their fair share of taxes are put at a competitive disadvantage by large corporations who employ high priced tax attorneys to avoid their fair share of taxes. Combined reporting would close the loopholes used by the attorneys to create the current un-level playing field."
Those testifying at the hearing included Michael Wood, research director, Pennsylvania Budget and Policy Center; Michael Maserov, senior fellow, State Fiscal Project, Center on Budget and Policy Priorities; John Callahan, director of Government Affairs, Pennsylvania Chamber of Business and Industry; Don Geyer, deputy chief counsel, Pennsylvania Department of Revenue; and Lisa Lindsley, deputy director, Capital Stewardship, United Food and Commercial Workers.
For more information about the Policy Committee and hearing materials, visit www.pahouse.com/PolicyCommittee.