A recent House hearing, co-hosted by state Reps. Rob Mercuri (R-Allegheny) and Lori Mizgorski (R-Allegheny), discussed how to recharge the state economy following the COVID-19 pandemic.
The hearing was held before the House Majority Policy Committee at Chatham University’s Eden Hall Campus in Gibsonia. Experts spoke about economic growth, suggested workforce development, innovation, education, investment in public goods, implementing policies that attract businesses and expansion, and reforming the tax structure.
“For 2021, the commonwealth is ranked 43rd out of 50 states in the Tax Foundation’s Corporate Tax Rank,” Jenn Beer, Greater Pittsburgh Chamber of Commerce vice president of government affairs, said. “There are two outstanding issues that we believe need to be addressed immediately to make us more competitive and to be able to compete for family-sustaining jobs: materially reduce the corporate net income (CNI) tax rate and fully lift the cap on Net Operating Loss carryforwards. With respect to the CNI rate, it is no secret that our flat 9.99 percent rate – the highest non-graduated CNI rate in the country – serves as a blinking red light for business attraction.”
Other testifiers included Donald “Smith, Jr., of Regional Industrial Development Corp. president; and Lou Leonard, Falk School of Sustainability and Environment Chatham University dean.