Governor Wolf’s ‘Jobs That Pay Tour’ Rolls into Lehigh Valley, Northeast

April 24, 2015

Harrisburg, PA – Today, Governor Tom Wolf discussed job creation and workforce development on his “Jobs that Pay” tour at C F Martin & Co.’s factory in Nazareth and the business incubator inside the TekRidge Center in Jessup.

Governor Wolf’s budget makes significant new investments in manufacturing, economic development and workforce training aimed at rebuilding Pennsylvania’s middle class while reducing the corporate net income tax by 40 percent immediately and finally eliminating the Capital Stock and Franchise Tax. Governor Wolf has toured the state meeting with manufacturers and entrepreneurs to listen to how the commonwealth can support their businesses to create more jobs and better train workers.

“To rebuild the middle class, we need new ideas to create jobs that pay and policies that support our manufacturing and new growth industries,” Governor Wolf said. “Coming from the private sector, I know we must make new investments in 21st century manufacturing and refocus our economic development dollars and strategies. The status-quo is no longer acceptable. The commonwealth can help set the table for robust private sector growth to create and retain good jobs while strengthening the middle class.”

In addition to increased funding for high school career and technical education programs and the reinstatement of the dual enrollment program, the Governor’s budget proposal encourages school districts, employers and postsecondary institutions to work together to create a seamless bridge for students transitioning from high school to college or a career.

“The incubator programs at TekRidge, The Scranton Enterprise Center and Carbondale Technology Transfer Center offer inviting incentives and professional support – allowing start-up companies to establish themselves operationally and financially,” Bob Durkin, President of The Greater Scranton Chamber of Commerce, said. “Fostering the growth of these entrepreneurs is a critical element of our overall economic development strategy for Lackawanna County and the regional as a whole.”

Here’s how Governor Tom Wolf’s 2015-2016 budget brings jobs that pay back to Pennsylvania:

Cuts Corporate Net Income Tax in Half: Pennsylvania’s Corporate Net Income (CNI) Tax is driving companies and jobs out of our state. Governor Wolf’s budget incentivizes companies to come to Pennsylvania by reducing the Corporate Net Income Tax by 50 percent by 2018, flipping Pennsylvania’s ranking from the second highest rate nationwide (9.99%) to the fourth lowest rate (4.99%).

Eliminates the Capital Stock and Franchise Tax: Many years ago, Governor Ridge proposed the gradual phase-out of the Capital Stock and Franchise Tax—but the tax’s elimination has been delayed time and again. Governor Wolf’s budget will finally eliminate the Capital Stock and Franchise Tax.

Closes the Delaware Loophole: The corporate net income tax rate isn’t our only outdated tax structure. Existing loopholes in the tax code allow many companies to avoid paying state income taxes altogether – more than 70 percent of companies that do business in Pennsylvania don’t pay corporate net income taxes at all. Governor Wolf’s budget will close the Delaware loophole and level the playing field for Pennsylvania businesses.

Launches a “Made in Pennsylvania” Job Creation Program: Governor Wolf’s budget brings manufacturing jobs back to our state with the “Made in Pennsylvania” cash-back jobs program that rewards manufacturing companies that create good-paying, middle class jobs in Pennsylvania. Manufacturing jobs are good, family-sustaining jobs, and here in Pennsylvania we can make things again.

Invests in Workforce Development Through Industry Partnerships: Governor Wolf’s budget eliminates the disconnect between our education systems and the state’s economy by increasing funding for programs that provide Pennsylvania citizens with the technical training necessary to succeed in the 21st century.

MEDIA CONTACT: Jeff Sheridan – 717.783.1116

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