|Posted:||December 1, 2018 05:12 PM|
|From:||Senator Michele Brooks|
|To:||All Senate members|
|Subject:||Reducing the Corporate Net Income Tax Rate|
|In the near future, I plan to re-introduce legislation amending the Tax Reform Code of 1971 to reduce the Corporate Net Income (CNI) tax rate.
Pennsylvania has the second highest corporate net income tax rate in the nation, generating about $3 billion a year, impacting the operation and vitality of our 113,400 businesses, and impeding the attractiveness of our state to the job-creators of the future.
My legislation will reduce the CNI from its current rate of 9.99 percent by 0.5 percent every year over a period of six years, starting in 2019. The rate will reach 6.99 percent in 2024 and remain at that level thereafter.
Taking this step to improve Pennsylvania’s business tax climate will give businesses a stronger incentive to locate or remain in our Commonwealth, and grant them the tax relief they need to increase their investments in the economy, add jobs, increase wages, spur prosperity, and boost our competitive edge in an increasingly global economy.
This legislation was Senate Bill 505 of last session, and was cosponsored by Senators Aument, Bartolotta, Boscola, Brewster, Folmer, Hutchinson, Langerholc, Martin, Rafferty, Reschenthaler, Stefano, Vogel, Vulakovich, Wagner, and Ward.
Introduced as SB32