|Posted:||December 21, 2020 03:51 PM|
|From:||Senator Michele Brooks|
|To:||All Senate members|
|Subject:||Reducing the Corporate Net Income Tax Rate|
|I plan to reintroduce SB 32 of the 2019-2020 session to amend 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 (9.99%), which impedes the attractiveness of our state to the job-creators of the future.
My legislation will reduce the CNI from its current rate by 0.5 percent every year over a period of six years until it reaches 6.99%, in which it will remain 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 Pennsylvania's competitive edge in an increasingly global economy.
Previous cosponsors include Senators Hutchinson, Langerholc, Phillips-Hill, Folmer, Stefano, Martin, Bartolotta, K. Ward, J. Ward, Boscola, White, Aument and Brewster.
Introduced as SB447