Corporate Taxes

 

Responding to overwhelming public support for enacting a severance tax on natural gas production, Governor Wolf and several members of the General Assembly have released severance tax proposals in 2015. Actual production results from 2014 show that these plans would generate hundreds of millions of dollars in funding for schools, health care, environmental protection, and other critical needs.

July 18, 2014

Once Upon a Time: An Analysis of the 2014-15 General Assembly Approved Budget

The $29.0 billion 2014-15 state General Fund budget enacted earlier this month fails to confront Pennsylvania’s serious revenue problems. Lawmakers pretended that the half billion dollar revenue shortfall in 2013-14 did not exist and “balanced” the 2014-15 budget with one-time transfers, accounting tricks, and phantom revenues.

March 20, 2014

Many profitable Fortune 500 companies including Pennsylvania-based PPL, H.J. Heinz, Airgas, Allegheny Technologies, Hershey, and Comcast are paying little or nothing in state income taxes thanks to loopholes, tax breaks, and crafty accounting, according to a new report from the Institute on Taxation and Economic Policy (ITEP) and Citizens for Tax Justice (CTJ).

February 27, 2014

A comprehensive five-year study of 288 highly profitable Fortune 500 companies finds that 111 of them, including six based in Pennsylvania, paid no federal corporate income tax in at least one of the last five years.

December 18, 2013

A decade of corporate tax cuts are a major reason that Pennsylvania is expected to have far fewer resources than it needs to pay for education, health care, and other essential services for years to come. Unless lawmakers reverse course and come up with additional revenue, our schools, communities, and families will continue to bear the brunt and our economy will suffer.

December 11, 2013

"Pennsylvania’s experience with business tax reduction is instructive," PBPC Director Sharon Ward testified. "Since 1998, the Commonwealth has reduced taxes to the tune of $3 billion annually. These large tax reductions have not had the desired impact. When business tax reductions were first enacted Pennsylvania ranked 27th in job creation. By 2010 we had fallen to 34th."

July 9, 2013

The Pennsylvania Legislature has approved and the Governor has signed a 2013-14 state budget that spends $28.376 billion. Read PBPC's full analysis.

July 9, 2013

The plan maintains the capital stock and franchise tax, which was set to expire in 2014, for two more years and takes steps to close the Delaware loophole.

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