The state needs to slash its corporate net income tax from 9.99 percent to about 3 percent to match the level of its personal income tax (3.07 percent) and scrap most of the myriad of tax incentives it offers in hopes of boosting specific companies or business segments. …
Hodge said the foundation finds the corporate income tax to be the worst impediment of all business levies when it comes to a state’s competitiveness.
Cutting it by 7 percent could save the state’s businesses about $1.4 billion, he said, and the state could make up at least a part of that revenue by trimming a long-list of incentive and economic development programs.
The Tribune Review has a story featuring Tax Foundation president Scott Hodge discussing Pennsylvania’s business tax climate at an appearance in Pittsburgh: