Senator Regola Votes “No” on Energy Borrowing

State Senator Bob Regola (R-39) issued the following statement on his vote  on Senate Bill 1 of the Special Session on Energy Policy:

“While I agree that the Commonwealth should address rising energy costs and increase our production of alternative sources of energy, today I voted against Senate Bill 1 of the Special Session because Pennsylvania cannot afford it.  This legislation contains $250 million in new borrowing which future generations will have to pay for.  Meanwhile, total spending will increase by $650 million.  Finally, the Commonwealth Financing Authority will choose which businesses receive funding. 

Rather than the state choosing winners and losers, we should let the market place decide.   That is why I support eliminating the cap on Net Operating Losses (NOL).  Pennsylvania is one of only two states that prohibits companies from carrying forward the full extent of their losses to offset future income.  This penalizes new and small businesses by significantly increasing their tax rates.  Eliminating the cap will allow all companies to invest in needed upgrades, including energy.  I also support providing tax credits to individuals and businesses for upgrading to energy efficient or pollution prevention machinery.  I will soon be announcing more details, but I truly believe that we need market-based solutions that don’t pick winners and losers.”

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Contact:  Nathan Silcox (717) 787-6063