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Senate Finance Committee Moves Bill To Accelerate Corporate Tax Reduction Timetable

By an 8-3 vote, the Senate Finance Committee moved forward a bill that would accelerate the reduction of the Commonwealth’s Corporate Net Income Tax (CNIT) rate.

Senate Bill 345, sponsored by Sen. Ryan Aument (R-Lancaster) and Sen. Greg Rothman (R-Cumberland/Dauphin/Perry), includes an immediate drop from the current 8.99 to 7.99 percent and then a point reduction every January 1 until 4.99% is reached in 2026.

The tax reform package that was enacted as part of the 2022-23 budget included a reduction in the CNIT over the course of nine years. SB345 would achieve the same goal five years earlier.

Since this initial cut, Pennsylvania’s economy has shown signs of growth, including increased revenue collections  from the CNI tax in January, February, March, and April of 2023 compared to the same periods in 2022, according to Senate Republicans.

“While we applaud the historic change made in last year’s budget, we believe Pennsylvania should not have to wait nearly a decade to experience the full benefits of the lower rate,” the senators said. “All the data we have since we cut the rate in January shows that reducing rates increases revenue for the state and makes Pennsylvania more economically competitive and ensures it is an attractive place to live and work. Passing this bill will improve the economy and help working families much faster. Why should we wait?”

The three minority members of the Committee – Wayne Fontana (D-Allegheny), Art Haywood (D-Montgomery/ Philadelphia) and Katie Muth (D-Berks/Chester/ Montgomery) – voted against moving the bill to the entire Senate for consideration.


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