The legislation includes:
· Implementing Compete PA business tax relief, which includes removing the cap on net operating losses and shifting from a 70 percent to a 100 percent sales factor for calculating the Corporate Net Income (CNI) tax.
· Rolling back the Personal Income Tax (PIT) to 2.935 percent from the current 3.07 percent rate.
· Reducing the consumer electric gross receipts tax by 50 percent, phasing in over five years.
Tony Phyrillas summarizes the House Republicans’ tax reduction package unveiled today.