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Pennsylvania’s Business Tax Climate Improves in National Ranking
According to a recent report from the Tax Foundation, Pennsylvania’s overall business tax climate improved its ranking from 28th to 24th, tying the Commonwealth with Hawaii for the largest leap in the rankings from last year to this year. The non-partisan Tax Foundation credited the improvement to the elimination of the Capital Stock and Franchise Tax (CSFT) at the end of 2015.
The Greater Pittsburgh Chamber of Commerce (GPCC) had worked with numerous partners across the Commonwealth for more than 15-years to eliminate the CSFT. The reason: very few states tax both the net income and the assets of employers. It was a job-killing tax that discouraged employers from expanding and investing here. The Tax Foundation report demonstrates the significance of the phase out.
We applaud the bipartisan work of Governor Wolf and legislative leadership on both sides of the aisle to accomplish this key policy objective. We also thank the more than 130 businesses and organizations of CompetePA – a coalition representing more than half the private sector employment in Pennsylvania that works to create a more competitive state-wide business tax climate. Year-in and year-out, CompetePA, which the Allegheny Conference and GPCC helped to establish in 2005 and has managed since then, provided critical advocacy efforts to champion the elimination of the CSFT – a top priority for the coalition.
Of course, a little bit above average is helpful, but it’s not where Pennsylvania needs to be. We are continuing to identify business taxes that reduce competitiveness. Topping the list right now are the Corporate Net Income Tax rate, the second-highest in the country, and the cap on the Net Operating Loss Carryforward, which affects both cyclical and startup businesses. We will continue to make the case in Harrisburg for tax policy that rewards investment and job creation and spurs innovation.
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GPCC President Matt Smith Chairs 2016 “STAND UP for STANDING FIRM” Awards Luncheon
GPCC President Matt Smith spoke before an audience of hundreds of attendees at the 2016 STAND UP for STANDING FIRM 2016 Awards Luncheon held on October 26 at the Omni William Penn in downtown Pittsburgh. STANDING FIRM works to raise awareness of the costs of partner violence on the workplace and provides employers with tools to take effective organizational action in this issue.
The GPCC is a proud member of STANDING FIRM and we salute all of the public and private sector partners that have joined us in their commitment to addressing partner violence as a workplace issue. We know the power of partnerships and coalitions to achieve common goals and encourage more businesses in the region to join STANDING FIRM to take action on this important issue.
For more information, please visit standingfirmswpa.com.
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Groundbreaking Held at GPCC-supported Lower Hill District Redevelopment Project
The redevelopment of the former Civic Arena site in Pittsburgh's Lower Hill District – a project the GPCC is supporting – is well on its way. Earlier this month, officials broke ground on the 28 acre project that is designed to reconnect the Hill District with downtown Pittsburgh.
Fullerton Street and a portion of Wylie Avenue were opened to the public. Construction of the future Logan Street and continuation of Wylie Avenue, as well as intersection work, will be completed in summer 2017. In addition, the site was recently awarded a US DOT Tiger Grant for $19 million to fund the construction of a deck (“CAP”) over the Crosstown Boulevard in downtown Pittsburgh.
For more information, click here.
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GPCC Profiled in PA Chamber’s “Catalyst” Magazine
The GPCC is profiled in the fall edition of the PA Chamber's Catalyst magazine. Learn about our long standing partnership with the PA Chamber, the guiding principles that have defined the GPCC since our founding in 1876, and our current initiatives and priorities in this special feature.
Read the profile here.
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