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Pennsylvania cuts income tax for many small businesses
Gov. Thornburgh signed a pair of tax bills to aid business growth in Pennsylvania. The main measure lowers income taxes for firms with under 35 shareholders, letting profits be taxed at the personal rate instead of 10.5 percent corporate rate. The personal rate drops from 2.45 to 2.35 percent on July 1, averaging 2.4 percent for 1984, with an estimated $12 million annual cost. Officials say the plan spurs expansion and job creation despite revenue concerns.
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Harrisburg
UPI
Dick Thornburgh
Pennsylvania
Thornburgh