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PA House Passes Proposal to Lower Business Taxes



The Pennsylvania House is giving its approval to a bill that would eventually cut business taxes by hundreds of millions of dollars a year while increasing revenues by cracking down on the so-called Delaware loophole.
 
The bill passed on Monday by a vote of 129 to 65 and was sent to the state Senate for its consideration.
 
A similar measure passed the House a year ago but died when the session ended in November. The Republican-sponsored proposal would cut the corporate net income tax rate from 10-percent to 7-percent over 10 years beginning in 2015.
 
Supporters say it would make the state more competitive and produce more jobs. Opponents call it a massive giveaway to big corporations.

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Topics : Business_FinancePoliticsSocial Issues
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Locations : Delaware
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