Billions in Surplus Have Pennsylvania Lawmakers Thinking Business Tax Cut

  • 📰 NBCPhiladelphia
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Hundreds of millions of dollars in business profit tax cuts passed the Republican-majority Pennsylvania House, and Democratic Gov. Tom Wolf said he was optimistic a final deal can be struck in the coming months.

Pennsylvania's state budget this year is $40 billion, with billions in federal money in reserve along with a rainy day fund approaching $3 billion.

The size of state tax cuts is currently limited, a condition of Pennsylvania accepting federal coronavirus recovery funds. Rep. Napoleon Nelson, D-Montgomery, said there had been talk of even larger cuts, along with other changes that would bring more tax revenue from companies that do business in multiple states.

“There's so much more that we can do, if we actually allow the agreement to happen,” Nelson said. “Let's actually provide businesses with what they need so that they can come to Pennsylvania.”The bill was sent to the state Senate, where Republican majority spokesperson Erica Clayton Wright said a corporate net income tax cut has bipartisan support “and is a component of the overall strategy” to boost Pennsylvania's economy.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 569. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Microsoft's $15 Billion Cybersecurity Business Is Giving Investors New Reason for OptimismSecurity software makers are taking aim at Microsoft now that the company has shown just how big of a target it’s become.
Source: NBCDFW - 🏆 288. / 63 Read more »

Blackstone to buy PS Business Parks in $7.6 billion take-private dealBlackstone Inc on Monday agreed to buy real estate investment trust (REIT) PS Business Parks for $7.6 billion, including debt, as dealmaking activity in the real estate sector continues to thrive in the aftermath of the COVID-19 pandemic.
Source: Reuters - 🏆 2. / 97 Read more »