Under this proposal, we take Pennsylvania's Corporate Net Income Tax under 10 percent, two years ahead of schedule. We can not afford to wait. This reduction will help level the playing field with our neighboring states New York, New Jersey and Ohio. New small businesses deserve the chance to survive. Any employer can tell you that in the early days of a new venture, they are more likely to suffer substantial loss before they experience gain.
Most states reflect that in their tax codes.
But, not Pennsylvania. Right now, we have the most restrictive Loss Carry Forward provision in the country. That is about to change. This arcane sounding but critically important tax incentive encourages new businesses to work through those difficult startup years. We will work to bring new jobs to Pennsylvania.