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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | January 13, 2013 01:33 PM |
|---|---|
| From: | Representative Scott A. Petri |
| To: | All House members |
| Subject: | Corporate Net Income Tax Reduction (Former HB 534) |
| This legislation amends the Tax Reform Code of 1971 by providing for a phased reduction of the corporate net income tax. The legislation will reduce the corporate net income tax from 9.99% to 6.99% for taxable year 2013. For 2014 and each taxable year thereafter, the corporate net income tax rate would be levied at 6.25%. This rate reduction is in line with the recommendations from the Pennsylvania Business Tax Reform Commission. While the commission’s final recommendation was a corporate net income tax rate of 6.99%, some commission members expressed that this rate should be reduced even further to bring tax relief to Pennsylvania businesses and encourage more businesses to locate within the Commonwealth. Currently Pennsylvania has the 3rd highest corporate net income tax rate. By reducing the rate to 6.25%, Pennsylvania would have the 10th lowest corporate net income tax rate. This would send a message to the business community that Pennsylvania is open for business and serious about creating a business climate within the state that is conducive to economic growth and success. Previous Cosponsors: BAKER , BARRAR , BOBACK , CLYMER , DeLUCA , ELLIS , FLECK , GABLER, GEIST , GIBBONS , HARHART , HARRIS , HENNESSEY , HESS , M. K. KELLER , MARSICO , MILLARD , MOUL , MURT , O'NEILL , PETRARCA , PYLE , RAPP , READSHAW , ROAE , K. SMITH , SWANGER , TALLMAN , WATSON and GILLEN |
Introduced as HB146