Harrisburg (June 12, 2014) – As state legislators face a $1.5 billion state budget shortfall, a new analysis by the Pennsylvania Budget and Policy Center (PBPC) shows that corporate net income tax (CNIT) payments made by drillers have fallen to pre-Marcellus levels even as gas production has boomed.
Pennsylvania is one of a handful of states that have not begun to replace higher education funds cut during the recession, according to the Center on Budget and Policy Priorities in Washington D.C. The state is providing $2,206 less per student in inflation-adjusted dollars to public colleges than it did in 2008.
The School District of Philadelphia and other low-income school districts have been significantly harmed by Pennsylvania's failure to adequately fund public education, according to a new report from the Pennsylvania Budget and Policy Center.
"Pennsylvania’s natural gas companies have something to celebrate today, a natural gas impact fee that is significantly lower than what they pay in other gas-producing states," said PBPC Director Sharon Ward. "For Pennsylvania residents, today’s announcement is just a reminder that we are shortchanged by the failure of our elected leaders to enact an adequate severance tax."
Many profitable Fortune 500 companies including Pennsylvania-based PPL, H.J. Heinz, Airgas, Allegheny Technologies, Hershey, and Comcast are paying little or nothing in state income taxes thanks to loopholes, tax breaks, and crafty accounting, according to a new report from the Institute on Taxation and Economic Policy (ITEP) and Citizens for Tax Justice (CTJ).
Ohio, Pennsylvania, and West Virginia should take a common approach to taxing gas and oil drilling in the Marcellus and Utica Shale, leaders of research and policy organizations from each state said today.
A comprehensive five-year study of 288 highly profitable Fortune 500 companies finds that 111 of them, including six based in Pennsylvania, paid no federal corporate income tax in at least one of the last five years.