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House Co-Sponsorship Memoranda
House of Representatives
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | March 4, 2022 03:16 PM |
|---|---|
| From: | Representative David H. Rowe |
| To: | All House members |
| Subject: | Corporate Net Income Tax Reduction |
| Our state’s inability to retain residents or attract new ones has cost us thousands of jobs, millions in tax revenue, and even a Congressional seat. Pennsylvanians have seen outbound migration firsthand as they watch younger generations move out of the Commonwealth to seek opportunities in other states where there is greater promise of prosperity and success. It is long overdue that we make Pennsylvania a better place to live, work, and raise a family. That is why I’m introducing legislation to spur much-needed investment in our future, creating life-sustaining jobs and boosting economic growth. Pennsylvania boasts the second highest corporate tax rate in the nation with a Corporate Net Income Tax (CNIT) of 9.99%. This overly burdensome tax rate is impeding businesses from coming to and thriving in the Commonwealth, while sending thousands of residents in search of greater opportunities outside our borders. My legislation would help retain current employers and attract new ones to do business in the Commonwealth by:
It is time we focus our efforts on strengthening the economic future of our state. I hope you’ll join me in cosponsoring this legislation to show the nation that Pennsylvania is open for business. |
Introduced as HB2431