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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | January 13, 2013 01:39 PM |
|---|---|
| From: | Representative Scott A. Petri |
| To: | All House members |
| Subject: | Annual Reduction of the Corporate Net Income Tax |
| Domestic and foreign corporations are subject to the corporate net income tax for the privilege of doing business, carrying on activities, having capital or property employed or used in Pennsylvania, or owning property in Pennsylvania. The term corporation includes any entity classified as a corporation for federal income tax purposes. In November of 2004, the Pennsylvania Business Tax Reform Commission made the recommendation in its report that the Pennsylvania “CNIT rate is not competitive with other states.” The recommendation of the commission is to reduce the CNIT from 9.99% to 6.99% in order attract new businesses to Pennsylvania and send existing business in Pennsylvania a clear message that we are making a conscientious effort to improve our business climate. Pennsylvania has one of the highest CNI rates in the nation. The national median rate is 7.5%. As a pro-business measure, I intend it introduce legislation that would gradually reduce the CNI to 6.25% on January 1st, 2016 and thereafter. Previous Cosponsors: BAKER , BARRAR , BOBACK , CLYMER , DENLINGER , ELLIS , FLECK , GABLER, GEIST , GIBBONS , HARRIS , HENNESSEY , HESS , M. K. KELLER , MILLARD , MOUL , MURT , O'NEILL , PETRARCA , PICKETT , RAPP , READSHAW , ROAE , K. SMITH , SWANGER , WATSON and GILLEN |
Introduced as HB145