The Pennsylvania Corporate Net Income Tax is among the highest state-levied corporate tax rates in the country. It is, and has been, a significant deterrent to developing and starting businesses in the Commonwealth. In order to alleviate this burden, the General Assembly has phased in a gradual lowering of the CNIT rate. As you know, the corporate tax rate, which is currently at 7.99%, is decreasing by 0.5% every year until it reaches 4.99%.

I am introducing legislation to reduce the CNIT rate by 1% each year until it hits the goal of 4.99%. This process, while not only more straightforward, will also accelerate the tax decrease and thus draw more business as well as help current Pennsylvania businesses thrive.

Please join me in cosponsoring this legislation.