Corbett tries to sneak through $833 million corporate tax giveaway

[PA Democrat]

(HARRISBURG, PA)—While Pennsylvania is facing a $4 billion deficit, Gov. Tom Corbett approved a corporate tax break of $833 million last week.
Governor Corbett announced Pennsylvania corporations will be allowed to take advantage of federal accelerated bonus depreciation rules adopted as part of the tax cut compromise in December. The rules allow companies to write off or “expense” 100% of equipment purchases made in the last quarter of 2010 and all of Tax Year 2011. The law doubles the size of the bonus depreciation provisions of the Recovery Act, which would have expired in 2010.


The Department of Revenue estimates the provision will cost $200 million for 2010. However, the Center on Budget and Policy Priorities estimates that the total cost of this provision for Pennsylvania will be more than $833 million.1


“It is unconscionable that Corbett is kicking the working poor off of AdultBasic, while giving hundreds of millions of dollars to mostly out of state corporations,” said Michael Morrill of Keystone Progress. “Corbett has his priorities upside down.”


Governor Corbett announced that Pennsylvania’s corporate tax will allow corporations to follow federal accelerated bonus depreciation rules adopted as part of the tax cut compromise in December. The rules allow companies to write off or “expense” 100% of equipment purchases made in the last quarter of 2010 and all of Tax Year 2011.

Read more at:


http://keystoneprogress.blogspot.com/2011/03/corbett-tries-to-sneak-through-833.html

[blue neen]

1. Tom CorporateWhoreBett strikes again.

He's a real gem.