HB 2674 would create 'Small Business Job Creation Tax Credit'
Published: August 30, 2010
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State Rep. John Pallone (D-Westmoreland/Armstrong) has introduced a bill that he said would reward businesses that increase their payrolls without cutting the number of employees.
House Bill 2674 would create the Commonwealth Small Business Job Creation Tax Credit:
- Businesses with 100 or fewer employees would be eligible for a 20 percent Corporate Net Income tax credit;
- Businesses with more than 100 employees would be eligible for a 15 percent Corporate Net Income tax credit.
"This bill would encourage businesses to increase salaries to current employees, and hire more workers, both of which are needed to pull out of this recession," said Pallone. "With roughly 250,000 businesses in Pennsylvania, this bill would be good for workers, for those seeking employment, and for Pennsylvania's business community."
U.S. Sen. Bob Casey is introducing similar legislation at the federal level.
