HARRISBURG – Rep. Martin Causer (R-Cameron/McKean/Potter) has joined a majority in the state House to approve legislation that would lower some of the Commonwealth’s highest employer taxes to make the state more competitive.
“Pennsylvania is consistently lagging behind other states as job creators choose places with more favorable tax and regulatory policies,” Causer said. “The vote taken today is a major step in the right direction toward more employer investment, more family-sustaining jobs and more opportunity for our citizens.”
House Bill 1960 would lower the Corporate Net Income Tax rate to 8.99% starting in January. The current rate of 9.99% is among the highest in the nation. Under the bill, further reductions would be made if there is a budget surplus in excess of $500 million for the 2022-23 and 2023-24 fiscal years.
The measure also would increase the percentage of taxable income that can be carried over as a net operating loss to 45%. The rate could increase to 50% if there is a budget surplus of more than $750 million for the 2022-23 and 2023-24 fiscal years.
The measure now goes to the Senate for consideration.