Record Number Indicates Increase in Business Activity
HARRISBURG, Pa., April 15, 2013 /PRNewswire-USNewswire/ -- The Department of State transferred more than $1 million on April 10 from its Bureau of Corporations and Charitable Organizations to the Department of Revenue, the highest one-day transfer amount ever recorded; and a positive sign for business activity.
The bureau maintains the records of more than 2.6 million companies that do business in the state and serves as the centralized filing office for Uniform Commercial Code financing statements.
The $1,009,729 transfer is a positive sign that the business climate in the state is improving. The increase could be due to a variety of actions including corporate filings and business loan activity.
"This new one-day revenue record reflects an increase in business activity, brought about by Governor Corbett's policies of holding the line on taxes, and supporting reasonable business regulations," Secretary of the Commonwealth Carol Aichele said.
Corporations pay fees to register in Pennsylvania with the Department of State, with 70 percent of this money going to the state's General Fund to pay for government services. The other 30 percent funds the bureau's business functions, which receive no taxpayer dollars.
The one-day record comes on the heels of annual record corporation revenue of more than $32.1 million in the 2011-12 fiscal year, an increase of more than $1.4 million over the previous annual record.
"This increased business activity bodes well for future job creation in Pennsylvania, and provides needed funding for important state government services such as education and law enforcement, without raising taxes," Aichele said.
"Governor Corbett's on-time, no tax increase budgets, common sense reform of corporate liability laws, efforts to cut overly burdensome regulations, lowering of workers compensation and unemployment compensation costs, and streamlined job training programs are all combining to make Pennsylvania a more attractive place for businesses to locate and expand," Aichele continued.
Information on registering a corporation in Pennsylvania is available at www.dos.state.pa.us, and clicking on "Corporations", or by calling 1-888-659-9962.
Media contact: Ron Ruman, 717-783-1621
SOURCE Pennsylvania Department of State