Pennsylvania Gov. Rendell is expected to reveal his proposed 2006 – 2007 budget on Wednesday. In the budget are tax cuts for small businesses which are intended to promote economic growth statewide. Rendell is expected to explain his plan in greater detail today.
An overview provided by Capitolwire.com suggests that Rendell plans to reduce business taxes by $250 million. The plan is expected to include a reduction of the capital stock and franchise tax rate from 4.99 mills to 4.89 mills, with a continued phase-out in 2007.