YORK – Gov. Tom Wolf was joined by business and economic leaders at the York County Economic Alliance to celebrate PA’s new, lower Corporate Net Income Tax (CNIT) rate that puts the state on a path to a rate of 4.99% for a healthier, more competitive business environment that attracts good-paying jobs and moves the economy forward. Wolf called the lower rate “a game-changer for business in PA.” The current 9.99% rate often posed a barrier to PA’s ability to attract new business and new jobs. Reducing the rate was a bipartisan effort by lawmakers in Harrisburg. The rate will drop from 9.99% to 8.99% for tax year 2023, with a .5% reduction each subsequent year until the CNIT rate reaches 4.99% for tax years beginning on or after January 1, 2031.
