North Central PA Times

On April 15, 2024, in Bloomsburg, Pennsylvania, Rep. Robert Leadbeter and the House Republican Policy Committee, under the leadership of Chairman Josh Kail, held the first in a series of hearings focusing on job-creating tax reform to drive economic growth in the state.

During the hearing titled "Job-Creating Tax Reform," various experts shared their insights. Rep. Robert Leadbeter emphasized the importance of a competitive business environment in Pennsylvania, stating, "A competitive business environment attracts investment, encourages innovation, and stimulates entrepreneurship, all of which are essential for sustained prosperity in Pennsylvania." He further stressed the need for reform to ensure the success of local businesses in driving economic growth in the state.

Advocating for a tax strategy that empowers small businesses and enhances Pennsylvania's competitiveness, the testifiers proposed changes to the Corporate Net Income (CNI) Tax and Net Operating Loss (NOL) carryforward deduction. They highlighted the need for an immediate reduction in the burdensome CNI tax rate, which currently ranks as the second highest in the country. Additionally, they supported removing the caps on NOL deductions to align with the federal limit of 80% of taxable income.

Chairman Josh Kail echoed the sentiment of fostering economic growth, stating, "I firmly believe in fostering an environment that encourages economic growth and prosperity for the people of Pennsylvania. Making our state business-friendly is not just a goal; it's a fundamental necessity." He emphasized the importance of creating opportunities for family-sustaining jobs within the Commonwealth.

The next hearing in the series will be hosted by Rep. Tom Jones on Thursday, April 18, continuing the discussions on job-creating tax reform. Interested individuals can watch the complete hearing on the Pennsylvania House Republican Policy Committee's website.

For further information, individuals can contact Representative Robert Leadbeter at hkeip@pahousegop.com or visit repleadbeter.com.