Rep. Zach Mako and the House Republican Policy Committee recently hosted a hearing on job-creating tax reform, featuring testimonies from Neal Lesher of the Pennsylvania Chamber of Business and Industry and Melissa Morgan of the National Federation of Independent Business (NFIB).
“The current tax code in Pennsylvania is stifling growth and preventing the Commonwealth from living up to its full potential,” stated Rep. Zach Mako during the hearing. “We need to reduce the Corporate Net Income Tax and uncap the net operating loss carryforward deduction so that our Main Street businesses have opportunities to grow. Let’s make the Pennsylvania business environment competitive. Let’s make Pennsylvania the place to do business.”
Both testifiers agreed that changes to the Corporate Net Income Tax (CNIT) and net operating loss (NOL) deduction would benefit small businesses and encourage entrepreneurship in Pennsylvania. Melissa Morgan highlighted that the current NOL carryforward deduction acts as a “startup penalty.”
Chairman Josh Kail emphasized the importance of reforming business taxes for the prosperity of future generations. “My family came to the United States to chase the American dream, and I want future generations to have hope that they, too, can achieve the American dream. We must reform business taxes so that businesses can thrive. Because when businesses thrive, they create jobs. And that’s what this is all about – opportunity for family-sustaining jobs,” said Kail.
The hearing aimed to address the complexities and burdens imposed by the Pennsylvania tax code on businesses of all sizes, with a focus on enabling a more favorable environment for business growth and job creation.
The next hearing in the series will be hosted by Rep. Tom Jones on Thursday, April 18, at 10 a.m., at the East Donegal Township Building in Marietta.
For those interested in watching the complete hearing, it is available at www.pagoppolicy.com/video/policy.
