HARRISBURG – The House this week approved a measure with bi-partisan support to cut the Corporate Net Income Tax (CNIT) on Pennsylvania businesses, announced Rep. Craig Staats (R-Bucks), who voted in favored of the legislation.
“We want our local and state economy to continue growing, and this legislation will do just that by offering more opportunities for employers and businesses to thrive,” Staats said.
House Bill 1960
, as amended, would cut the CNIT in Pennsylvania from 9.99% to 8.99% and reduced taxes for more than 93,000 businesses in the Commonwealth. If Pennsylvania has a General Fund budget surplus of more than $500 million for the next two years, the bill would continue cutting the CNIT rate by 0.5% annually for those two years.
“Our businesses have struggled for far too long with Pennsylvania ranking as the second highest CNIT in the nation, not to mention the crippling COVID-19 shutdowns they had experienced,” Staats said. “Now is the time for us to turn the tables and let our businesses know loud and clear, they are the backbone of our Commonwealth, and they always will be.”
The state Senate will now consider this legislation.
Representative Craig Staats
145th Legislative District
Pennsylvania House of Representatives
Media Contact: Rene Morrow