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FOR IMMEDIATE RELEASE |
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CONTACT: Nicole
Reigelman |
State Rep. Mark Cohen |
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Cohen plan would examine taxing practices and demand corporate accountability
HARRISBURG, June 14 – State Rep. Mark Cohen, D-Phila., has introduced legislation that would determine the fiscal impact of state programs that offer business tax credits, exemptions and other tax reductions, as well as hold companies accountable on their pledges of job creation.
Cohen’s legislation (H.B. 1554) would require the Revenue Department to compile information regarding the amount of money that goes uncollected due to exemptions by state programs, including business tax credits, abatements, exemptions and reductions, and submit the information to the legislature.
“Having complete and comprehensive information about the revenue lost through business tax credits and other tax reductions offered by the state is pivotal for the legislators and government administrators developing sensible public policy,” Cohen said. “I know these tax programs are important to encouraging small and responsible businesses, and I want to guarantee that the programs are used only for responsible companies.”
A second part of Cohen’s bill would require state subsidized businesses who pledge job creation to reach at least 90 percent of the employment goals they put forth. Companies failing to reach 90 percent of their commitment would be subject to repaying the public subsidies designed to create the jobs.
Cohen’s good-business measure has bipartisan support.
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