Lawmakers recently held a legislative forum in York on the impacts of federal tax reform on Pennsylvania businesses and what state lawmakers can do to encourage business growth.
The forum included testimony from numerous Pennsylvania businesses, including two members of the National Federation of Independent Business (NFIB), the organization said.
Participants testified that federal tax reform has led to higher wages and capital investment and encouraged lawmakers to take steps to make Pennsylvania a more attractive place for businesses.
Nathan Benefield, vice president and COO of the Commonwealth Foundation, testified that economic growth and increased jobs will bolster state tax revenue and proposed that Pennsylvania enect state-level tax reform. Carl Marrara, vice president of Government Affairs for the Pennsylvania Manufacturers’ Association, testified in favor of a legislative review of Pennsylvania Department of Revenue rulemaking.
John Bailey, of Bailey Coach, told participants that his company purchased more than $1 million of new equipment and $350,000 in used equipment over the past 20 months and said that the tax cuts and a strong economy made the purchases possible. Bailey also noted that his company plans to purchase a 13,000-square foot building in Jackson Township in October, crediting the tax cuts and stronger economy for the confidence to make that investment.
Tom Ryan, chief financial officer of Motor Technology Inc., testified that the Federal Tax Cuts and Jobs Act has led to increased hiring at his company and higher take-home pay for employees of the company. The tax cuts also supported investments in new technology, Ryan said.