Burns votes to cut $1 billion in taxes to make PA more job friendly
cut $1 billion in taxes to make PA more job friendly
HARRISBURG, Oct. 5 – State Rep. Frank Burns voted to pass a responsible $1 billion tax cut plan for the state on Tuesday, which would provide workers and working families a needed boost.
“With these investments, we would create a stronger Pennsylvania for working families, businesses and communities,” Burns said.
The House passed H.B. 1219, which would invest in Pennsylvania in a number of ways:
- Provide an Earned Income Tax Credit against the state Personal Income Tax equal to 25% of the federal credit.
- Expand the state’s Child and Dependent Care Enhancement Tax Credit by increasing the amount taxpayers can claim and increasing allowable expenses.
- Increase the Net Operating Loss deduction.
- Institute combined reporting for businesses.
- Increase the film production tax credit to make the state’s film industry more competitive with other states, thereby creating jobs in Pennsylvania.
- Increase funding for public transportation.
- Expand the Neighborhood Assistance Tax Credit Program.
- Invest in affordable housing to strengthen communities.
- Provide tax relief for vulnerable taxpayers with special tax forgiveness.
- Accelerate the reduction of the Corporate Net Income Tax, to make the state’s CNIT one of the lowest in less than three years.
“I voted to cut these taxes because offering tax credits will spur economic activity, while providing business tax reforms will strengthen our business climate,” he said. “We need to create a welcoming business climate to create jobs, and these cuts can help do that.”
The bill now goes to the state Senate for concurrence.