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House Co-Sponsorship Memoranda
House of Representatives
Session of 2019 - 2020
Regular Session
MEMORANDUM
| Posted: | October 17, 2019 11:55 AM |
|---|---|
| From: | Representative Barbara Gleim |
| To: | All House members |
| Subject: | Reducing the Corportate Net Income Tax rate (CNIT) from 9.99% to 5.99% Over a Four-Year Period |
| In the near future, I plan to introduce legislation to ensure Pennsylvania remains economically competitive by reducing our Corporate Net Income Tax rate (CNIT) from 9.99% to 5.99% over a four-year period. Pennsylvania’s current CNIT rate, the highest single-rate CNI tax in the country, stifles economic growth and hurts our ability to be competitive by discouraging businesses from developing in the Commonwealth. This extremely high tax rate is also particularly onerous to industries with long or uneven business cycles because of the limitations Pennsylvania also places on net operating loss deductions. My legislation will reduce Pennsylvania’s Corporate Net Income Tax rate from 9.99% to 5.99% over a four-year period using the following phase-down schedule:
Please consider joining me in co-sponsoring this legislation to ensure Pennsylvania remains economically competitive and business friendly. |
Introduced as HB2224