pennsylvania corporate tax cut

Commonwealth Foundation Applauds Senate Action to Reduce Corporate Net Income Tax

Harrisburg, Penn. – The Commonwealth Foundation today commended the Pennsylvania Senate’s passage of two bills that would reduce Pennsylvania’s corporate net income (CNI) tax.

With the second-highest CNI tax rate in the nation at 9.99 percent, Pennsylvania’s business tax climate stifles opportunity and job creation.

“Legislation to make the Commonwealth more business friendly is vital if we are going to make Pennsylvania employers and workers more successful in a highly competitive market,” said Commonwealth Foundation Senior Vice President Nathan A. Benefield.

The Commonwealth Foundation recently released the results of a May statewide poll that indicated 53 percent of those surveyed believe Pennsylvania is worse for businesses than it was ten years ago. Only 14 percent believe it is better. Nearly 70 percent of respondents said the state was on the wrong track—with 42 percent saying they had considered moving to another state or personally knew someone who had already relocated or contemplated moving.

“Lawmakers must reduce our onerous business taxes to make Pennsylvania a place where everyone has an opportunity to succeed and prosper,” said Benefield.

“We commend the Senate leadership – President Pro Tem Jake Corman, Majority Leader Kim Ward, and Appropriations Committee Chairman Pat Browne – for championing these important bills,” he said. “And we offer a special thanks to the sponsors of the legislation, Sen. Ryan Aument and Sen. Michele Brooks, for their efforts to bring these bills forward.”

Earlier this month the Commonwealth Foundation released a 23-point legislative reform agenda to make Pennsylvania more prosperous. One of the reforms calls for a reduction in the corporate tax rate, “and lower taxes for all businesses, making our state more competitive for investment and jobs.”

# # #   

The Commonwealth Foundation transforms free-market ideas into public policies so all Pennsylvanians can flourish.