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04/18/2024 06:51 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20230&cosponId=39679
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Senate of Pennsylvania
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: February 2, 2023 02:23 PM
From: Senator Ryan P. Aument and Sen. Greg Rothman
To: All Senate members
Subject: Acceleration of the Corporate Net Income Tax Reduction
 
In the near future we intend to introduce a proposal to accelerate the reduction of the Commonwealth's Corporate Net Income Tax (CNIT) rate.
 
The tax reform package enacted as part of the 2022-2023 budget included a long overdue reduction to the state’s Corporate Net Income Tax rate from 9.99 percent to 4.99 percent over the course of nine years.  While we applaud this historic change, we believe Pennsylvania should not have to wait a decade to experience the full benefits of the lower rate.
 
To that end, we are proposing to accelerate the reduction.  Our proposal includes an immediate drop to 7.99 and then a point reduction every January 1st until we reach 4.99% in 2026, five years sooner than what was enacted in Act 53.
 
The benefits of a more competitive business tax code go far beyond improving the state’s business climate.  Studies have shown that decreasing the CNIT leads to increased GDP, higher wages and increased home values, all of which create family sustaining jobs and attract and retain new talent.
 
Please join us in supporting this proposal to make Pennsylvania an attractive state for businesses and a place of opportunity for our residents.
 



Introduced as SB345