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For Immediate
Release
1/17/08
Contact:
Stacey M. Connors
(717) 787-1349
Committee Approves Economic
Stimulus Bill
Senate Bill 1229 would reform
CNIT, eliminate NOL cap
The Senate Finance Committee approved an economic
stimulus measure on Wednesday (January 16), according to
Committee Chairman Pat Browne (R-16).
Senate Bill 1229, also known as the High-Tech and
Manufacturing Stimulus Act, would revise the formula for
Pennsylvania's Corporate Net Income Tax (CNIT) to one solely
based on sales. It would also remove the Net Operating Loss
(NOL) cap.
"These measures are intended to help Pennsylvania’s
businesses particularly cyclical companies such as
manufacturers and those in high-tech fields," said Senator
Browne, prime sponsor of the bill. "Moving to single sales
factor will ease the burden on Pennsylvania’s employers
while leveling the playing field in the area of competition
with companies located in other states. Improving our
competitive stance is also the key component of the
elimination of the NOL cap. Currently, with the cap,
Pennsylvania manufacturers can be taxed at a rate much
higher than a similar manufacturer would be taxed in Ohio,
New York or New Jersey."
Additional Information:
Tax Relief
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