Shortly after he was sworn in nearly eight years ago, Governor Tom Wolf called Pa.’s corporate net income tax rate of 9.99 percent “appalling.” One of the commitments of his fledgling administration was to lower it. Philadelphia Business Journal‘s Patty Tascarella chronicled the latest efforts to address the issue before the end of the term.
With the administration’s clock ticking, Gov. Wolf has what could possibly be his last chance to amend part of the Tax Reform Code of 1971.
The governor and General Assembly are all looking to lower the rate — the second highest in the country — in the name of business attraction and retention competitiveness. The goal is to pass Pa.’s 2022–2023 budget before the end of this month with a corporate net income tax rate change incorporated into it.
This unified effort across party lines is making business leaders optimistic that the rate will be reduced this time.
The issues to hash out over the coming weeks are how much, how fast, and what kind of stop-gap measures need to be in place so Pennsylvania general fund doesn’t run into a cash crunch.
Read more about the ongoing business implications of Pa’s corporate tax structure in the Philadelphia Business Journal.