PENNSYLVANIA HAS CUT CORPORATE NET INCOME TAX FOR THE FIRST TIME SINCE 1995. THE RATE HAS DROPED FROM 9.99% TO 8.99%, AND IS ON TRACK TO DROP TO 4.99% BY 2031. LEGISLATIVES AND MEMBERS OF THE LANCASTER CHAMBER OF COMMERCE CELEBRATE THE REDUCTION YESTERDAY . THIS BUDGET IMMEDIATELY HELPS EMPLOYERS AND WORKERS BY REDUCING THE BURDEN THEY HAVE TO REIMBURSE TO THE STATE. AND THIS IS A MAJOR STEP TO ENSURE EMPLOYERS STAY HERE IN PENNSYLVANIA SO OUR ECONOMY CAN CONTINUE TO GROW AND EVEN ONCE PENNSYLVANIA REACHES ITS TARGET OF A 0.99 PER CENT CORPORATE NET INCOME TAX , THE
Pennsylvania cuts corporate net income tax
For the first time since 1995, Pennsylvania has reduced corporate net income taxes. The rate, which is 9.99%, will drop to 8.99% on January 1. It will then be gradually lowered until it reaches 4.99% in 2031. Lawmakers and members of the Lancaster Chamber of Commerce gathered on Tuesday to celebrate the reduction. “This budget immediately helps employers and workers by reducing the burden they have to repay to the state. This is a major step in ensuring that employers stay here in Pennsylvania so our economy can continue to grow,” said said House Speaker Bryan Cutler (R-100).Once the rate drops to 4.99%, Pennsylvania will have the eighth lowest corporate net income tax in the nation.
For the first time since 1995, Pennsylvania has reduced corporate net income taxes.
The rate, which is 9.99%, will drop to 8.99% on January 1. It will then be gradually lowered until it reaches 4.99% in 2031.
Lawmakers and members of the Lancaster Chamber of Commerce gathered on Tuesday to celebrate the reduction.
“This budget immediately helps employers and workers by reducing the burden they have to repay to the state. It’s a major step in ensuring that employers stay here in Pennsylvania so our economy can continue to grow,” said House Speaker Bryan Cutler (R-100) said.
Once the rate drops to 4.99%, Pennsylvania will have the eighth lowest corporate net income tax in the nation.
