LANCASTER – The PA Chamber of Business & Industry welcomed members of the Lancaster state legislative delegation, the Wolf Administration, and state and local business leaders for a business roundtable at the Lancaster Chamber of Commerce that focused on how the recently enacted state tax reform package to improve PA’s competitiveness. The reform included a reduction to the state’s Corporate Net Income Tax rate from 9.99% to 4.99%. PA House Speaker, Lancaster County Rep. Bryan Cutler said, “It is more important than ever to make sure our job creators have an environment to thrive and push back on the impacts of inflation.” Lancaster County Sen. Ryan Aument said, “Improving our tax structure and business climate in PA will have a ripple effect across every community and job sector by creating more high-paying jobs, enabling working class Pennsylvanians to experience earned success and upward mobility, and allowing our Commonwealth to compete nationally and globally for economic opportunity.” The reform package also includes relief for businesses by allowing the opportunity to defer personal income tax liabilities through “like-kind” exchanges” of certain property. An additional component aligns the state’s Tax Code with federal tax law by allowing small businesses to deduct qualifying equipment purchases from personal income tax liabilities, just as federal tax law provides for under Section 179. The change makes it easier for employers to buy equipment and invest, which in turn promotes job growth.
