TIMES-TRIBUNE: … Lawmakers have failed to establish a tax on the extraction of natural gas, thus allowing drilling companies – based mostly in Texas, Louisiana and Oklahoma – to take home about $127.8 million in revenue that could have been collected by the state government, according to calculations by the independent Pennsylvania Budget and Policy Center.
Likewise, lawmakers have failed to close a loophole that allows mostly large national corporations doing business in Pennsylvania to report their in-state proceeds in other states, thus evading the state corporate net income tax. By declining to close the loophole and reduce the rate, lawmakers not only have waved goodbye to hundreds of millions of dollars in tax revenue, but penalized mostly small Pennsylvania-based companies that pay the tax….
So far, 24 states have agreed to collect taxes for one another from retailers under their tax jurisdictions. Pennsylvania should become the 25th.… (more)
