HARRISBURG – To attract new employers and promote economic growth in the Commonwealth, Senator Ryan Aument proposed Senate Bill 771, which would gradually reduce the state’s Corporate Net Income (CNI) tax rate. The bill would incrementally reduce the CNI tax from its current rate of 9.99% to 6.99% by 2024. The rate could then be further reduced only if it meets or exceeds the revenue projections for 2024 at the 9.99% rate. Aument says this performance-based mechanism is unique from other proposals because it only reduces the CNI tax to its lowest rate if the economic success of lowering it can be shown through revenue projections. In other words, the benefits must equal or outweigh the costs of cutting the tax, or else the tax will not be further cut. Aument said he hopes that making Pennsylvania more economically competitive by lowering our CNI rate will benefit working class families, reverse our stagnant population growth, and ensure that Pennsylvania is an attractive place to live, work, and raise a family for generations to come.

SEN. RYAN AUMENT