Reducing the Corportate Net Income Tax rate (CNIT) from 9.99% to 5.99% Over a Four-Year Period (Former HB2224)
December 4, 2020 02:46 PM to All House Members
Circulated By
Representative Barbara Gleim
R House District 199
Memo
In the near future, I plan to re-introduce legislation to ensure Pennsylvania remains economically competitive by reducing our Corporate Net Income Tax rate (CNIT) from 9.99% to 5.99% over a four-year period.
Pennsylvania’s current CNIT rate, the highest single-rate CNI tax in the country, stifles economic growth and hurts our ability to be competitive by discouraging businesses from developing in the Commonwealth. This extremely high tax rate is also particularly onerous to industries with long or uneven business cycles because of the limitations Pennsylvania also places on net operating loss deductions.
My legislation will reduce Pennsylvania’s Corporate Net Income Tax rate from 9.99% to 5.99% over a four-year period using the following phase-down schedule:
7.99% in tax year 2022
6.99% in tax year 2023
6.49% in tax year 2024
5.99% in tax year 2025
This change will help to make Pennsylvania more competitive with neighboring states such as West Virginia, New York, Ohio and Virginia.
Please consider joining me in co-sponsoring this legislation to ensure Pennsylvania remains economically competitive and business friendly.
Previous Co-sponsors: STAATS, ROWE, RYAN, SCHLEGEL CULVER,
KAUFFMAN, ECKER, READSHAW, BERNSTINE, PICKETT, T. DAVIS,
OWLETT, BOROWICZ, MOUL, MILLARD, KEEFER, LAWRENCE, STRUZZI
AND GILLEN
Pennsylvania’s current CNIT rate, the highest single-rate CNI tax in the country, stifles economic growth and hurts our ability to be competitive by discouraging businesses from developing in the Commonwealth. This extremely high tax rate is also particularly onerous to industries with long or uneven business cycles because of the limitations Pennsylvania also places on net operating loss deductions.
My legislation will reduce Pennsylvania’s Corporate Net Income Tax rate from 9.99% to 5.99% over a four-year period using the following phase-down schedule:
7.99% in tax year 2022
6.99% in tax year 2023
6.49% in tax year 2024
5.99% in tax year 2025
This change will help to make Pennsylvania more competitive with neighboring states such as West Virginia, New York, Ohio and Virginia.
Please consider joining me in co-sponsoring this legislation to ensure Pennsylvania remains economically competitive and business friendly.
Previous Co-sponsors: STAATS, ROWE, RYAN, SCHLEGEL CULVER,
KAUFFMAN, ECKER, READSHAW, BERNSTINE, PICKETT, T. DAVIS,
OWLETT, BOROWICZ, MOUL, MILLARD, KEEFER, LAWRENCE, STRUZZI
AND GILLEN
Legislation
Document - Introduced as HB 127
Reducing the Corportate Net Income Tax rate (CNIT) from 9.99% to 5.99% Over a Four-Year Period (Former HB2224)
December 4, 2020 02:46 PM to All House Members
Circulated By
GLEIM
Memo
In the near future, I plan to re-introduce legislation to ensure Pennsylvania remains economically competitive by reducing our Corporate Net Income Tax rate (CNIT) from 9.99% to 5.99% over a four-year period.
Pennsylvania’s current CNIT rate, the highest single-rate CNI tax in the country, stifles economic growth and hurts our ability to be competitive by discouraging businesses from developing in the Commonwealth. This extremely high tax rate is also particularly onerous to industries with long or uneven business cycles because of the limitations Pennsylvania also places on net operating loss deductions.
My legislation will reduce Pennsylvania’s Corporate Net Income Tax rate from 9.99% to 5.99% over a four-year period using the following phase-down schedule:
7.99% in tax year 2022
6.99% in tax year 2023
6.49% in tax year 2024
5.99% in tax year 2025
This change will help to make Pennsylvania more competitive with neighboring states such as West Virginia, New York, Ohio and Virginia.
Please consider joining me in co-sponsoring this legislation to ensure Pennsylvania remains economically competitive and business friendly.
Previous Co-sponsors: STAATS, ROWE, RYAN, SCHLEGEL CULVER,
KAUFFMAN, ECKER, READSHAW, BERNSTINE, PICKETT, T. DAVIS,
OWLETT, BOROWICZ, MOUL, MILLARD, KEEFER, LAWRENCE, STRUZZI
AND GILLEN
Pennsylvania’s current CNIT rate, the highest single-rate CNI tax in the country, stifles economic growth and hurts our ability to be competitive by discouraging businesses from developing in the Commonwealth. This extremely high tax rate is also particularly onerous to industries with long or uneven business cycles because of the limitations Pennsylvania also places on net operating loss deductions.
My legislation will reduce Pennsylvania’s Corporate Net Income Tax rate from 9.99% to 5.99% over a four-year period using the following phase-down schedule:
7.99% in tax year 2022
6.99% in tax year 2023
6.49% in tax year 2024
5.99% in tax year 2025
This change will help to make Pennsylvania more competitive with neighboring states such as West Virginia, New York, Ohio and Virginia.
Please consider joining me in co-sponsoring this legislation to ensure Pennsylvania remains economically competitive and business friendly.
Previous Co-sponsors: STAATS, ROWE, RYAN, SCHLEGEL CULVER,
KAUFFMAN, ECKER, READSHAW, BERNSTINE, PICKETT, T. DAVIS,
OWLETT, BOROWICZ, MOUL, MILLARD, KEEFER, LAWRENCE, STRUZZI
AND GILLEN
Document
Introduced as HB 127
Generated 04/18/2025 10:24 AM