by Damon Boughamer
Public Radio Capitol News, serving Pennsylvania
Harrisburg, Penna. (PRCN, 27 April 2006) – State House Democrats have set their corner of the stage for budget talks by rolling out a business tax cut plan.
House Democrats would slightly accelerate the phase-out of the capital stock and franchise tax; increase the research and development tax credit limit; and phase in greater emphasis on sales in reporting corporate income.
They would also lift the cap on net operating losses, often carried forward by high-tech startups, to $3 million. While Representative David Levdansky – the caucus’ numbers man – said that might mean the most for businesses, it was the smallest of the four cuts Democrats were pushing, confessed leaders Mike Veon and Bill DeWeese.
A reporter asked whether the caucus considered taking the cap to $4 million, $5 million or $6 million. Veon's one-word reply: "No." DeWeese followed up, saying that the subject of net operating losses "has been under discussion with the administration, and this is realistic."
The press conference came just a few days before the election break, giving lawmakers and Governor Rendell something to mull over before negotiations begin in earnest in late May.
Public Radio Capitol News, serving Pennsylvania
Harrisburg, Penna. (PRCN, 27 April 2006) – State House Democrats have set their corner of the stage for budget talks by rolling out a business tax cut plan.
House Democrats would slightly accelerate the phase-out of the capital stock and franchise tax; increase the research and development tax credit limit; and phase in greater emphasis on sales in reporting corporate income.
They would also lift the cap on net operating losses, often carried forward by high-tech startups, to $3 million. While Representative David Levdansky – the caucus’ numbers man – said that might mean the most for businesses, it was the smallest of the four cuts Democrats were pushing, confessed leaders Mike Veon and Bill DeWeese.
A reporter asked whether the caucus considered taking the cap to $4 million, $5 million or $6 million. Veon's one-word reply: "No." DeWeese followed up, saying that the subject of net operating losses "has been under discussion with the administration, and this is realistic."
The press conference came just a few days before the election break, giving lawmakers and Governor Rendell something to mull over before negotiations begin in earnest in late May.
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