Open for Business
An On-Time Budget
Governor Corbett signs the 2011-2012 state budget for Pennsylvania, allows the Department of Community & Economic Development to pursue its mission to attract and meet the needs of businesses, and serve the Commonwealth’s communities with critical services.
Open for Business
On June 30, Governor Tom Corbett signed Pennsylvania’s first on-time budget in nine years addressing the commonwealth’s $4.2 billion deficit without raising taxes. The 2011-2012 budget addresses Pennsylvania’s challenges with a long term approach that focuses on moving Pennsylvania in the right direction for many years to come. Click here to view PA state budget.
Already a great location to live, work and raise a family, Pennsylvania is poised for even greater success with the enactment of this budget. With record spending cuts, the final product remains a pro-growth budget, built on the proven principles that lower taxes and less government stimulate investment and jobs. On the front lines, the Department of Community and Economic Development (DCED) serves as the critical link between state government and business. In order to fulfill that role, DCED will update economic delivery services, streamline programs, simplify application processes and clearly define performance measures to create a true customer friendly atmosphere.
“Ronald Reagan once said that the most terrifying words in the English language are I’m from the government and I’m here to help,” DCED Secretary C. Alan Walker said. “Our goal is to break that bureaucratic mold and transform our department into the gold standard of customer service that is not reactive, but proactive when addressing the needs of our businesses and communities.”
This will include the evaluation of permitting and regulatory processes to ensure that permits are not back-logged and are being processed in a timely and reasonable manner. Without question, public safety and environmental protection are of the utmost importance; however, there are issues with the commonwealth’s regulatory processes that can be improved upon without compromising the integrity and intent of current statutes and regulations. Consistency and predictability need to become an important part of the process, because ultimately what it comes down to are jobs.
At the forefront of job creation is Governor Corbett’s commitment to improving Pennsylvania’s business climate and the business community is already seeing results. Continuing the phase-out of the capital stock and franchise tax and allowing for the 100 percent bonus depreciation tax deduction will allow job creators to reinvest more in their business and create new jobs. And perhaps most significant, Governor Corbett signed into law, the “Fair Share Act;” meaningful tort reform that will have a direct effect on the state’s economic climate. Enacting this legislation will prevent businesses and health care providers from being forced out of the state because of frivolous litigation.
Walker noted, “This budget encourages the development of a diverse economy across industry sectors with a heavy emphasis on technology and innovation, which is crucial to the future economic success of our Commonwealth,” adding. “The Governor is sending a strong message to the business community that Pennsylvania is open for business.”
The new budget also puts a healthy focus on encouraging business growth through tax credit incentives that result in economic investment and jobs without financial risk. Awarding tax credits goes a long way toward encouraging creative ideas that improvebusiness, industry, technology and products.
The budget allows for $10.1 million for the Job Creation Tax Credit, $60 million for the Film Tax Credit and $75 million for the Educational Improvement Tax Credit. Recognizing the economic impact of technology and innovation, the Research and Development Tax Credit will encourage Pennsylvania companies conducting new research and development activities to expand and produce jobs.
To learn more about our new programs please click here.
Discovered in PA – Developed in PA
Partnerships for Regional Economic Performance (PREP)
Municipal Assistance Program
For a list of all line items for DCED please click here.