HARRISBURG – Two bills that reduce PA’s corporate net income tax was approved by the state Senate. Senate Bill 447 will reduce the tax from its current rate of 9.99% by a half a percentage point every year, over a period of six years, until it reaches 6.99%, where it will remain thereafter. Senate Bill 771 would gradually reduce the same tax by 2024. Currently, the Commonwealth has the third highest corporate net income tax rate in the nation which erodes the attractiveness of the state to job-creators. Gov. Tom Wolf has said he is optimistic about coming to an agreement with Republicans on a plan to cut taxes for corporations. Both bills now advances to the state House for consideration.
