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Pennsylvania House of Representatives
05/20/2024 08:54 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=40992
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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: June 13, 2023 08:45 AM
From: Representative Dallas Kephart
To: All House members
Subject: Corporate Net Income Tax Reduction (CNIT)
 
I will soon introduce legislation to lower Pennsylvania’s Corporate Net Income Tax (CNIT) rate. As part of the 2022-2023 budget negotiations, Act 53 set Pennsylvania on a path to lower the CNIT over nine years with the last drop in 2031. When Governor Shapiro campaigned, he said he wanted to reduce the CNIT to 4% by 2025. See https://www.spotlightpa.org/news/2023/02/pennsylvania-shapiro-environment-economy-justice-elections/ . This legislation allows him to fulfill his campaign promise.
 
This legislation is another step in the right direction in changing Pennsylvania’s trajectory for the better. It is critical for Pennsylvania to encourage business investment and development. This legislation will lead to more economic growth, capital investments, and wage growth.
 
Currently, Pennsylvania has an 8.99% CNIT—the 5th highest CNIT in the nation. This legislation will drop the rate to 5.99% in 2024 and to 4% in 2025, fulfilling Governor Shapiro’s promise to cut CNIT to 4% by 2025.
 
Please join me in cosponsoring this important legislation.
 


Introduced as HB1447