State Rep. Tom Quigley, R-Montgomery, and the House Republican Policy Committee are hosting a public hearing on the Economic Stimulus Tax Cut proposal, which would roll back Pennsylvania's personal income tax (PIT) rate.
The event, which starts at 11 a.m. on Wednesday, May 28, will be held in the community room of the Pottstown campus of Montgomery County Community College, 101 College Drive.
"This legislation takes a big step toward controlling government spending and our being better stewards of Pennsylvanians’ hard-earned money," Quigley said in a written release announcing the meeting. "Even more so during the difficult financial times we are experiencing, it is important to keep more of our citizens’ dollars in their own hands."
The bill reduces the PIT to 2.935 percent from the present 3.05 percent rate and will save Pennsylvania taxpayers more than $270 million annually.
"The state experienced a revenue surplus of $649 million last year, and the current fiscal year to date has been a good one," Quigley stated. "That sounds like over-taxation to me and should translate into revenue returned to our constituents."
The proposal also implements Compete PA business tax relief, which includes removing the cap on net operating losses and shifting from a 70 percent to a 100 percent sales factor for calculating the Corporate Net Income (CNI) tax, Quigley said. "In addition, House Bill 2270 reduces the consumer electric gross receipts tax by 50 percent, phasing in over five years."
"Governor Rendell likes to talk surplus and the lack of need to raise taxes," Quigley added. "Those extra dollars belong in the wallets of the people who worked for them and with the small businesses that are the backbone of our economy, not as part of some pet project. Enacting this legislation means more money in the pockets of Pennsylvanians and makes for a better the business climate, a condition that has not existed during the Rendell administration."
Quigley is a member of the House Finance Committee.