Committee Passes Accelerated Pennsylvania Corporate Tax Cut in Bipartisan Vote

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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