Tag: Pennsylvania CNIT

Committee Passes Accelerated Pennsylvania Corporate Tax Cut in Bipartisan Vote

Bradley Vasoli

In a bipartisan 8-3 vote on Tuesday, Pennsylvania’s Senate Finance Committee passed legislation to speed the state’s reduction of its corporate net income tax (CNIT). 

Last year, as part of the Keystone State’s budget, lawmakers initiated a reduction of the CNIT from 9.99 percent to 4.99 percent over the next decade. Before the change, Pennsylvania had the second-highest state corporate tax in the U.S. behind New Jersey’s 11.5-percent rate. 

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Pennsylvania House Republicans Hail Bipartisan Vote to Cut Corporate Tax

Bradley Vasoli

Pennsylvania Republican lawmakers voiced optimism last week that the commonwealth’s onerous Corporate Net Income Tax (CNIT) might finally soon get reduced, given a recent overwhelming state House vote to do so.

At 9.99 percent, the Keystone State’s CNIT is the second highest in the U.S. A bill by Rep. Joshua Kail (R-Monaca) would reduce the rate to 8.99 percent. His legislation passed the House of Representatives 195-8.

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