|Posted:||December 30, 2014 01:56 PM|
|From:||Representative Seth M. Grove|
|To:||All House members|
|Subject:||Reducing the Corporate Net Income Tax|
|In the near future I plan to introduce legislation, which would create a path to prosperity by spurring economic growth and creating more Pennsylvanian jobs. My legislation would reduce Pennsylvania’s Corporate Net Income Tax (CNI) from 9.99%, which is one of the highest in the nation. Replacing this rate would be a competitive rate of 6.49%.
By lowering our corporate tax rate, job creators operating within Pennsylvania will begin to expand their business and hire more workers. Pennsylvania has already seen this happen; as the elimination of the Capital Stock and Franchise Tax saw the commonwealth lose $300 million in revenue. Over the same period of time Pennsylvania saw revenue collected by the CNI increase by $800 million while the revenue from the Personal Income Tax increased by over $1 billion. The increases in revenue came from economic growth; as companies expanding and additional Pennsylvanian jobs were created.
This legislation would accomplish similar economic growth by creating a friendlier environment through a more competitive business tax rate. Please join me and cosponsor this legislation. If you have any questions please contact Jordan Grant at 717-767-3947 or Jgrant@pahousegop.com
Introduced as HB174