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Article: Tax reform group calls for reduction in state's Corporate Net Income tax
- Article from:
- Northeast Pennsylvania Business Journal
- Article date:
- August 1, 2004
- Author:
CopyrightCopyright Northeast Pennsylvania Business Journal Aug 01, 2004. Provided by ProQuest LLC. (Hide copyright information)
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The Pennsylvania Business Tax Reform Commission last month released an interim report that recommends lowering the state's Corporate Net Income (CNJ) tax to between 6 and 7 percent.
The commission also recommended eliminating the existing $2 million annual cap on Net Operating Losses, which it said discourages economic development and is at odds with other state policy and funding initiatives that encourage technology-based and biotech company start-ups.
The commission was created by Gov. Edward G. Rendell on March 4. Since that time, it has held a series of hearings with numerous tax professionals and interested organizations. Its interim report recommends sweeping changes in ...