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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2025 - 2026
Regular Session
MEMORANDUM
| Posted: | December 17, 2024 02:20 PM |
|---|---|
| From: | Senator Greg Rothman |
| To: | All Senate members |
| Subject: | Making PA Competitive: CNIT Rate Reduction |
| A thriving economy requires a business-friendly environment, which is why I intend to introduce legislation, once again, to accelerate the reduction of the Corporate Net Income Tax (CNIT) rate. The tax reform package enacted as part of the 2022-2023 state budget took a long overdue first step by reducing our CNIT from 9.99 percent to 4.99 percent over a nine-year period. While this step began the process of lowering tax rates and making Pennsylvania more competitive, Pennsylvanians deserve the benefits of lower taxes now. Governor Shapiro agreed with me on the campaign trail in 2022 when he said the rate should be cut to 4 percent by 2025. To that end, my legislation will cut the CNIT rate to 4 percent immediately upon passage. 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 also leads to many benefits for workers, including higher wages and the creation of new family sustaining jobs. Please join me in supporting this proposal to make Pennsylvania a place of opportunity for all. |
Memo Updated: December 17, 2024 02:21 PM