|Posted:||April 10, 2017 03:09 PM|
|From:||Representative Greg Rothman|
|To:||All House members|
|Subject:||Corporate Net Income Tax|
|In the near future, I plan to introduce legislation to improve the business climate in Pennsylvania and increase revenues to the general fund by changing Pennsylvania’s Corporate Net Income Tax rate from 9.99% to 5.99%.
As my mentor Jack Kemp used to say, “Every time in this century we’ve lowered the tax rates across the board, on employment, on saving, investment and risk-taking in this economy, revenues went up, not down.”
Pennsylvania’s Corporate Net Income Tax rate, the 2nd highest in the country, stifles economic growth and hurts our ability to be competitive by discouraging businesses from developing in the Commonwealth . The Tax Foundation ranked Pennsylvania 24th this year in business tax competitiveness overall, and 44th of the states that levy a corporate net income tax. My bill will take Pennsylvania’s Corporate Net Income Tax rate from 9.99% to 5.99% upon passage. Pennsylvania will become competitive with neighboring states, such as West Virginia and New York, who’s CNI in 2016 was 6.50%.
Please join me in co-sponsoring this legislation to improve our economy and generate more revenue for the general fund. If you have any questions regarding this legislation, please contact my office at 717- 783-2063.
Introduced as HB1584