WASHINGTON, D.C. – March 4, 2015 – (RealEstateRama) — Department of Community and Economic Development Acting Secretary Dennis Davin today highlighted key portions of Governor Tom Wolf’s 2015-16 Budget aimed at creating a pro-business climate, building Pennsylvania’s manufacturing sector and creating good-paying, middle class jobs
“Governor Wolf’s proposed budget will have a much-needed positive impact on our ability to create jobs that pay for Pennsylvanians and get the commonwealth back on track,” said Acting Sec. Davin. “Governor Wolf inherited a stagnant economy that ranked last in job creation, and his proposed budget plan will spur investment and economic growth and rebuild the middle class.”
Building Pennsylvania’s Manufacturing Sector
Manufacturing has been at the heart of many communities and the growth of our middle class. Governor Wolf’s Budget builds on that Pennsylvania tradition to create new, good-paying jobs by:
- Establishing a ‘Made In Pennsylvania Job Creation Program’ to distribute $5 million in total to manufacturing companies that are creating good paying, middle class jobs; and
- Providing $5 million to leverage the talents of our research universities to advance manufacturing technology and commercialization in collaboration with the state’s Industrial Resource Centers.
Creating a Pro-Growth Business Climate
- Reducing the Corporate Net Income Tax by half within three years flipping Pennsylvania’s ranking from second highest rate (9.99 percent) to the fourth lowest (4.99 percent).
- Eliminating the Capital Stock and Franchise Tax once and for all.
- Closing the Delaware Loophole to level the playing field for all Pennsylvania businesses.
- Improving schools and reducing property taxes will help attract and retain business-owners and entrepreneurs, as well as help businesses target new talent for relocation.
Harnessing Marcellus Shale Resources to Support Economic Growth Statewide
- The 2015-16 Budget launches a $675 million investment program, supported by revenue from the severance tax on drilling, to support economic development initiatives that leverage private sector funds to create jobs, including:
- $100 million to the Pennsylvania Industrial Development Authority for business development loans
- $250 million to the Business in Our Sites program to allow PA to compete for business expansions and relocations
- $225 million in energy investment
- $100 million in technology investments to support entrepreneurs, established companies and manufacturing innovation
An Economic Growth Plan for Jobs that Pay in Pennsylvania
- Pennsylvania First– appropriation increase of $25 million to foster investment, job creation and provide support for WEDnetPA, a critical employee training program available to Pennsylvania’s workers.
- Infrastructure and Facilities Improvement– appropriation increase of $11 million to increase multi-year financial assistance to service debt on major infrastructure projects.
- World Trade PA– appropriation increase of $1 million to help companies take advantage of export markets and encourage foreign direct investment in Pennsylvania companies.
- Keystone Communities– appropriations increase of $15 million to foster growth and stability in Pennsylvania communities and neighborhoods.
- Marketing to Attract Business– appropriation increase of $1 million to develop and implement marketing and communication tools to attract business.
- Marketing to Attract Tourists – appropriation increase of $2 million to encourage tourism, which is one of the commonwealth’s largest industries with $32.9 billion in total economic activity and a 450,000-job impact on the state’s economy.
- Base Realignment and Closure– provides $775,000 to help prevent base realignment and closure actions by the federal government from affecting Pennsylvania’s military communities.
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