HARRISBURG – The state Senate Finance Committee voted to advance two pro-growth tax reform bills. The first bill, Senate Bill 345 accelerates the reduction of the Commonwealth’s Corporate Net Income tax by immediately dropping it to 7.99% and then reducing it an additional point every January until it falls to 4.99%. A plan to reduce the tax was passed as part of the 2022-23 state budget, with the first one-point drop from 9.99% to 8.99% taking effect in January 2023. Since the initial cut, PA’s economy has shown signs of growth. The second bill, Senate Bill 346 will gradually increase the Net Operating Loss carryover limit from the current 40% to 80% over four years, bringing PA in line with both the federal limitation and the limitations of 48 other states. The current limit puts PA at a huge disadvantage compared to nearly every other state in the country. Both bills now go to the state House.