West Chester – Republican gubernatorial candidate Tom Corbett today announced the second key component of his economic development and jobs plan before the Chester County Chamber of Business and Industry. Speaking to dozens of southeastern Pennsylvania business leaders, Corbett explained how his plan will put Pennsylvanians back to work.
Corbett detailed “Reforming Pennsylvania’s Jobs Climate” which focuses on improving Pennsylvania’s jobs climate through tax, regulatory and legal reform. Last week in Altoona, Corbett released the first part of his economic development plan, “Expanding Pennsylvania’s Economy through Innovation.” In the coming weeks, Corbett will be traveling the state detailing separate aspects of his seven-point economic development and jobs plan, which includes:
- Expanding Pennsylvania’s Economy Through Innovation
- Reforming Pennsylvania’s Jobs Climate
- Strengthening Pennsylvania’s Regional Economies
- Growing Small Business in Pennsylvania
- Harnessing Entrepreneurial Leadership from Higher Education
- Developing a World-class Workforce
- Expanding Pennsylvania Worldwide
With the wealth of resources in Pennsylvania, from energy, agriculture, an established manufacturing base and world class higher education systems, Tom Corbett knows the Commonwealth has great potential economically. “I want to partner with private industry to harness these resources to make Pennsylvania a global leader and foster a business climate that says “yes” to new jobs, “yes” to certainty for employers and “yes” to competition,” said Corbett.
The highlights of the plan include:
- Reducing the Corporate Net Income Tax from 9.99% to 6.99%; removing the Net Operating Loss cap; repealing the “Death Tax” (Inheritance Tax); finishing the phase out of Capital Stock and Franchise Tax; moving to a Single Sales Factor Tax apportionment formula; embracing research and development; and instituting a Tradable Net Operating Loss Program.
- Implementing critical regulatory reforms to spur job growth and create economic development opportunities, such as eliminating permit backlogs, implementing compliance assistance and fostering interagency communication.
- Reforming Pennsylvania’s legal system through the passage of the Fair Share Act and other reform measures.
Tom Corbett is a strong believer that government is not in the business of creating jobs, but rather creating an environment in which jobs can grow. Corbett’s plan will foster public-private partnerships to spur jobs and economic growth. “It will take these partnerships between private industry and public leaders to propel the state forward and begin to close the gaps in business and job creation competiveness with America’s leading states. It’s time to bring certainty and predictability to job creation in Pennsylvania.”
“I am running for Governor because Pennsylvania needs real leadership in Harrisburg to accomplish these goals. Leadership that will build bipartisan support to propel Pennsylvania ahead in everything we do, from creating jobs to educating our children, to building a world class transportation infrastructure. As the next Governor of Pennsylvania, I am committed to work with all of you to get the job done,” said Corbett.
Pennsylvania businesses and industry are a crucial part of the state’s economy and Tom Corbett’s economic development plan. Because of that, he has been personally visiting businesses around the state and has been discussing with them what the Commonwealth needs to grow and keep jobs here in Pennsylvania.
Tom Corbett’s detailed plan to expand Pennsylvania’s economy through innovation is attached and is available online. For additional information about Tom Corbett and his vision for Pennsylvania, visit www.tomcorbettforgovernor.com.
