Tuesday, August 7, 2012

House Minority Leader’s Statement on Governor Patrick’s Job Killing Approach to Economic Stimulus

House Minority Leader Bradley H. Jones, Jr. (R-North Reading) issued the following statement today in response to Governor Patrick’s vetoes of an estimated quarterly tax structure and the elimination of a minimum excise tax for new businesses as part of the Economic Development package:

“I thought that the CNBC poll ranking Massachusetts 28th for ‘Top States for Business’ would have resonated with Governor Patrick. Judging by this most recent veto – it didn’t.

The way the Commonwealth currently collects the Estimated Quarterly Tax subverts our businesses and job creators. In 2001 the Democratic majority changed our fair process forcing businesses to keep large amounts of cash on hand to pay their taxes before they have even begun to collect profits in a given year. This legislation would bring fairness and stability to the collection process by restoring the timetable for corporations to pay their quarterly estimated taxes in four equal installments.

Additionally, by vetoing a provision which would have provided start-up businesses a $456 credit, thus eliminating their minimum excise tax payment for the first 3 years they are in business, the Governor has negated any narrative coming out of the corner office relative to job creation and economic growth in the Bay State.

By eliminating the opportunity for Massachusetts to create a business-friendly environment, Governor Patrick has proven that he is intent on advancing an agenda that is not favorable to the businesses and residents of the Commonwealth.”