· Designate a Small Business Advocate
Tom Corbett will designate a Small Business Advocate Depute within the Department of Community and Economic Development to strengthen and effectively represent small businesses in Pennsylvania by managing cross-agency coordination of small business advocates and programs, enforce existing regulations and encourage policies that support the development and growth of small business in Pennsylvania.
· Streamline and simplify the tax code and compliance process
There are countless instances where employers, tax preparers and payroll service providers must make multiple filings of the same information. These inefficiencies raise administrative costs – especially for small business. Tom Corbett will work to simplify the tax code and streamline the reporting burdens on our job creators.
· Develop Small Business Portal
Tom Corbett will create a Small Business Portal to consolidate the collection and reporting of all wage reporting (local, revenue and labor) into a single business portal. This portal will allow for better coordination among departments and also integrate new hire reporting. It also would serve as a clearinghouse for small business data, such as regulations and mandates, legislation, consumer issues, all state and local forms for starting a business. Most importantly, it would ensure that only one stop is necessary to get a new business up and running.
· Institute regulatory flexibility for small business
Most small employers do not find out about new regulations until after they take effect. Regulatory Flexibility legislation would give small-business owners a seat at the table when state agencies develop proposed regulations. Tom Corbett will work to add “small business” to the existing list of stakeholders on economic impact statements and require state agencies to seek small business input on proposed regulations.
· Grow investing opportunities
Tom Corbett believes that we should encourage jobs creators to grow and invest in Pennsylvania. Currently, small businesses are limited by how much of a new investment they may expense on their taxes in a given year by both the state and federal governments. For years, small businesses have been held to different thresholds at both levels, and Tom Corbett believes we need consistency. He will work with the General Assembly to make state laws consistent with federal laws to reduce the administrative paperwork burden on small business. He also will ensure that when the federal government enacts any increases to the expensing limit, Pennsylvania law will automatically follow suit. Tom Corbett believes it is critical to put money back into the hands of small business owners so they can hire more workers and grow their businesses.
· Repeal the “Death Tax” (Inheritance Tax)
Pennsylvania became the first state in the nation to impose an inheritance tax. Now, Pennsylvania is one of only eight states that continue to impose an inheritance tax on its citizens. Seen once as a tool to tax the wealthy, the “death tax” today in reality stifles economic growth by forcing many Pennsylvania small family-owned businesses and family farms to sell assets and shut their doors to pay the tax. Tom Corbett will work to phase-out the death tax over a 15-year period as part of a long-term commitment to Pennsylvania’s small business owners and family farms.
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