HARRISBURG – Taking a step to grow jobs, increase opportunities and support employers in all corners of the Commonwealth, today the House passed legislation to cut Pennsylvania’s Corporate Net Income Tax (CNIT) with bipartisan support.
“Today’s historic vote shows that Pennsylvania is open for business,” Speaker of the House Bryan Cutler (R-Lancaster) said. “This is a crucial step in ensuring we can attract and retain job creators of all sizes, growing family-sustaining careers across Pennsylvania.”
An amendment to House Bill 1960
would reduce Pennsylvania’s CNIT from 9.99% to 8.99%, and lower taxes for more than 93,000 businesses across Pennsylvania. The bill would continue to cut the CNIT rate by .5% annually for the next two years if the Commonwealth has a General Fund budget surplus of more than $500 million.
“For many years, our state has been burdened by carrying the title of having the second highest CNIT in the country,” Cutler said. “This distinction has kept countless industries, companies and employers from investing and expanding in Pennsylvania. This bill levels the playing field as we compete to attract employers and industries to our Commonwealth.
“I also believe that as we grow our economy and jobs, we must also look to reduce the tax burden on our citizens, especially those who are working and experiencing record inflation,” Cutler added.
The legislation now advances to the Pennsylvania Senate for further consideration.
Speaker Bryan Cutler
100th Legislative District
Pennsylvania House of Representatives
Media Contact: Mike Straub