HARRISBURG, Pa., March 3, 2015 /PRNewswire-USNewswire/ --
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 Customized Job
Training, 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.
MEDIA CONTACT: Lyndsay
Kensinger – 717.783.1132
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SOURCE Pennsylvania Department of Community & Economic
Development