TAX STRUCTURE
Our business tax structure discourages new businesses from coming into the
state, as well as expansion of those that are here. We must change that.
I want to revamp our tax structure to include the following reforms:
- Phasing-out the Capital Stock & Franchise Tax
- Reducing the Corporate Net Income Tax
- Reducing the cap on Net Operating Loss deductions
- Repealing the Inheritance Tax
- Enhancing research & development tax incentives
- Developing tax credits for hiring Pennsylvanian workers
VENTURE CAPITAL OPPORTUNITIES
We must create an environment that entices private investment.
Enhancing our presence in international markets by expanding our trade and
export opportunities will encourage private investment. Our state can
become a partner with venture businesses by marketing Pennsylvania’s assets
internationally and encouraging investment in Pennsylvania.
I believe these investment opportunities can also be increased through an
increased use of public-private partnerships. These partnerships save our
Commonwealth money as well as increasing investment into our business community.
MARKETING OUR EDUCATIONAL INSTITUTIONS
We have a great university infrastructure within the Commonwealth. If
we expand our existing research and development initiatives, our universities
can serve as an incubator to small high-tech start-up companies.
We should also look to improve and strengthen accessibility and effectiveness
of federally-funded Workforce Development classes and programs as well as
Workforce Investment Boards (WIB’s). I also support a continuation of our
investment in Small Business Development Centers (SBDC’s) and Industrial
Resource Centers (IRC’s). These programs are proven in helping create and retain
jobs through small-business assistance.
Finally, we must diversify our economic opportunities through reshaping our
perception of vocational-technical school training as well as community college
opportunities. We have one of the strongest community college systems in
the country.
SUSTAINABLE INNOVATION
One of the fastest growing areas of our jobs market, even in this depressed
economy, is in renewable and sustainable energy development. This area of
our economy is in its infancy and will only continue to grow.
We must create an environment that expands this development while still
challenging the industry to have competitive pricing in an open market. Our
recent investments in this area have resulted in advanced technology that allows
renewable energy to be more cost-effective. We hope to continue this
growth. Now is the time to help those businesses gain hold in the market
while placing cost protectors to challenge them to do it competitively.
INFRASTRUCTURE DEVELOPMENT
Infrastructure is a core function of government. However, when we
address our infrastructure needs, we must do it in an encompassing manner that
meets our needs in the 21st century. This includes development
of a broad-band infrastructure to meet our high-tech needs.
Investment must also be made in our roadway and railway systems. We
cannot expect to create and retain jobs unless we have a solid infrastructure in
place.
Finally, investment must be made in energy transmission systems. I want
to leverage that investment into affordable rates to our resident, commercial
and industrial customers.
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