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08/19/2022 10:26 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20210&cosponId=36515
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House of Representatives
Session of 2021 - 2022 Regular Session

MEMORANDUM

Posted: November 16, 2021 09:50 AM
From: Representative Barbara Gleim
To: All House members
Subject: Reducing the Corporate Net lncome Tax rate (CNIT) to 4.99%
 
ln the near future, I plan to introduce legislation to ensure Pennsylvania remains economically competitive by reducing our Corporate Net lncome Tax rate (CNIT) from 9.99% to 4.99%.

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 simply reduce Pennsylvania's Corporate Net lncome Tax rate from 9.99% to 4.99% for taxable years beginning after December 3I, 2021. This change will help to make Pennsylvania more competitive with neighboring states such as West Virginia, New York, Ohio and Virginia, leading to increased investments from businesses looking to either move or expand in the Commonwealth and generating countless job opportunities for our hardworking residents. 

 

Please consider joining me in co-sponsoring this legislation to ensure Pennsylvania remains economically competitive and business friendly.



Introduced as HB2095