Corporations in PA Asked to Disclose State Taxes Voluntary survey is designed to fill an information gap as Legislature prepares to take up business tax cuts
HARRISBURG, Pa., April 3, 2012 /PRNewswire/ -- The Keystone Research Center (KRC) is asking Pennsylvania's 1,000 largest for-profit employers to disclose how much they pay in state income taxes. With the General Assembly poised to consider new corporate tax cuts this year, KRC officials hope the voluntary survey will provide some baseline information that is currently lacking on the state income taxes major businesses pay.
"This survey aims to fill in the gaps and help guide our work for tax fairness in Pennsylvania," said Stephen Herzenberg, executive director of the Keystone Research Center. "A fair tax system that adequately supports public goods, like education and infrastructure, is essential to the success of every business in the commonwealth."
State tax loopholes in Pennsylvania allow large multi-state corporations to avoid paying state taxes on income earned in the commonwealth. Across the nation, 35 of the 45 states with corporate income taxes have taken steps to close corporate tax loopholes by either enacting combined reporting or adopting expense addback laws.
Data from the Pennsylvania Department of Revenue show that 75 percent of all corporations in the state pay no state income taxes. The Keystone survey could provide more information on how much in state income taxes major companies in Pennsylvania are paying.
Keystone first sent a letter to the 1,000 companies in February asking them to voluntarily complete the tax survey. A postcard reminding them of the survey will be mailed out in early April.
While a number of corporations have responded to date, the 10 largest multi-state corporations doing business in the state have not. Based on Pennsylvania Department of Labor and Industry information, these corporations are:
- Wal-Mart Associates Inc.
- Giant Food Stores Inc.
- United Parcel Service Inc.
- PNC Bank NA
- Lowe's Home Centers Inc.
- Weis Markets Inc.
- Giant Eagle Inc.
- Merck Sharp & Dohme Corp.
- Home Depot USA Inc.
- Target Corporation
Corporations may fill out the Keystone survey online or download a printable version at http://keystoneresearch.org/2012-tax-survey.
The Keystone Research Center is a nonprofit, nonpartisan research organization that promotes a more prosperous and equitable Pennsylvania economy. Learn more: www.keystoneresearch.org.
SOURCE The Keystone Research Center