HARRISBURG, Pa. (AP) — Pennsylvania’s package of budget legislation includes new tax breaks for business owners, including on some oil and gas drilling-related expenses, aircraft repair and parts services and mobile telecommunications equipment.
But it also includes various changes that business groups view as tax increases. Today, a 165-page bill full of tax code changes was awaiting House Speaker Sam Smith’s signature before it heads to Gov. Tom Corbett after lawmakers approved it earlier this week. The new fiscal year began Monday.
Other tax breaks include an increase of the amount of the operating losses that businesses can deduct and the elimination of inheritance taxes on family-owned businesses. But lawmakers are also extending the life of the capital stock and franchise tax, albeit at a lower rate, over the protests of the state’s biggest business associations.