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SMC Business Councils Releases Results of Business Tax Survey
Identifies Seven Top Actions Favored by Small Businesses
PITTSBURGH, Feb. 14 /PRNewswire/ -- SMC Business Councils today released results of a survey of small business owners in western and central Pennsylvania. The survey highlighting state business taxes was taken in response to Governor Rendell's budget proposal.
The majority of respondents believe, "The whole tax structure of Pennsylvania needs to be reformed," said SMC President Cliff Shannon. Responding SMC members overwhelmingly chose a cut in the Corporate Net Income tax as their top priority, believing that reducing this tax would encourage businesses to migrate back to our state. When asked to choose the one state tax to reduce, the majority selected "Reducing Personal Income Tax." Back in the business tax arena, many added comments such as one harassed owner who opined: "My observation is that the tax tail wags the spending dog. Instead of determining what we (the Commonwealth) need and then trying to secure revenues, we tax first and then determine needs (i.e., 'wants' later). That is a fiscal calamity."
Other tax issues cited by the survey (listed in order of priority) were:
#2 - Reducing the PA Sales Tax.
#3 - Increase the Net Operating, Loss Carry-Forward.
#4 - Conform to Federal Tax Laws.
#5 - Eliminate the Estate Tax.
#6 - Increase Research & Development Tax Credit.
#7 - Eliminate the Capital Stock & Franchise Tax.
According to Mr. Shannon, almost all of the members believe the Capital Stock Tax should be abolished immediately. Shannon added, "State, federal, and local taxes combined are adversely affecting small businesses' ability to provide better wages and health care for their employees."
Governor Rendell has proposed in his new budget proposal business tax cuts such as retroactively reducing the Capital Stock & Franchise Tax, increasing the Net Operating Loss Tax deduction, and increasing the R&D Tax Credit cap. "These proposals," according to Shannon, "are public relations in an election year, not a bona fide attempt to improve the state's business climate in order to boost growth and jobs creation."
SMC Business Councils is a non-profit trade association headquartered in Churchill with a branch office in Harrisburg, PA. For information on the associations tax positions and this survey, please check the Internet at http://www.smc.org/.
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