Last year, Harrisburg acted to reduce our Corporate Net Income Tax rate from the second highest in the nation at 9.99% to 8.99%, incorporating the reform in the 2022-2023 state budget. With such a high rate, our commonwealth was not only less competitive with other states, but also on a global scale with the international business community. Meaningful reforms like a CNI reduction addresses the shortcomings our tax code has when it comes to competitiveness, a critical principal of tax reform that can help individuals, families and businesses realize their full potential in Pennsylvania.
Senate Bill 345 would accelerate the measure from last year’s budget by immediately dropping the rate to 7.99% and moving the date from 2031 to 2026 to reach a desirable 4.99% rate.
Please support this legislation, as it will build upon last year’s successful reform and make our commonwealth one that encourages opportunity for existing businesses to grow and those looking to establish themselves in a welcoming state that is regarded by many as one of the best to work, live and play!