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House Co-Sponsorship Memoranda
House of Representatives
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | December 2, 2020 01:44 PM |
|---|---|
| From: | Representative Greg Rothman |
| To: | All House members |
| Subject: | Reducing the Corporate Net Income Tax to 3.07% (Former HB72) |
| In the near future, I plan to re-introduce legislation to improve the business climate in Pennsylvania and increase revenues to the general fund by reducing Pennsylvania’s Corporate Net Income Tax rate from 9.99% to 3.07%. 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 (CNI) Tax 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. The Tax Foundation ranked Pennsylvania 34th this year in business tax competitiveness overall and 43rd of the states that levy a corporate net income tax. My legislation will reduce Pennsylvania’s Corporate Net Income Tax rate from 9.99% to 3.07% upon passage, and Pennsylvania would become competitive with neighboring states, such as West Virginia and New York, whose CNI in 2018 was 6.50%. Please consider joining me in co-sponsoring this legislation to improve our economy and generate more revenue for the general fund. Previous Co-sponsors: RYAN, BERNSTINE, BARRAR, KEEFER, KAUFFMAN, PYLE, MULLERY, GROVE, PUSKARIC, OWLETT, REESE, ZIMMERMAN, MILLARD, M. K. KELLER, STAATS, IRVIN, JONES AND STRUZZI, |
Introduced as HB1163