Last updated: September 09. 2013 11:53PM - 856 Views

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Tobyhanna Depot

reduces contractors

After a thorough review of workload projections, Tobyhanna Army Depot notified one of its support contractors, URS Federal Support Services Inc., of Oklahoma City, Okla., that workload decreases necessitate the release of 48 skilled trade and logistics support personnel.

This is the fourth release of a multiphased reduction plan for the fiscal year ending Sept. 30 and took place on Sept. 6.

Stocks rise on mergers,

homebuilder outlook

The stock market got a boost from mergers, homes, and phones.

Two big deals Monday suggested growing confidence in the economy: Luxury retailer Neiman Marcus was sold for $6 billion, and Koch Industries bought electronics component maker Molex for $7.2 billion.

Apple rose a day ahead of a new product announcement.

Homebuilding stocks rose after Hovnavian Enterprises said home prices are increasing.

The Dow Jones industrial average rose over 15,000 for first time since Aug. 23. The Standard & Poor’s 500 and the Nasdaq composite also rose.

Four stocks rose for every one that fell on the New York Stock Exchange.

Volume was average, 3 billion shares.

Mass. GOP calls for

repeal of software tax

Republican lawmakers and business groups ramped up pressure Monday on the Legislature to abolish a new sales tax on computer and software services.

Rep. Brad Jones, minority leader of the Massachusetts House, and Sen. Bruce Tarr, the minority leader in the Senate, filed a bill to eliminate the 6.25 percent tax that took effect July 31 as part of a massive transportation financing law.

The tax has drawn sharp criticism from technology companies that contend it will hurt a critical sector of the state’s economy.

Meanwhile, the Massachusetts Taxpayers Foundation, which also opposes the tax, released a new analysis Monday that the business-backed organization said supports its assertion that Massachusetts now imposes the highest tax in the nation on software services.

According to the study, only four other states, Connecticut, Hawaii, New Mexico and South Dakota, tax computer system design and all do so at a lower rate than Massachusetts.

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