Cutting tax rate to make Pa. business friendlier gains support as state budget talks get underway

By: Jan Murphy

As state budget negotiations get underway in earnest this month, some tax relief appears to be on the way to make Pennsylvania business friendlier.

Legislation to cut Pennsylvania’s tax on corporate profits won passage in a Senate committee on Monday that would incrementally lower the state’s 9.99% corporate net income tax rate by 1% on Jan. 1, 2023. Then the rate would drop 1% on Jan. 1 in each of the following years until it reaches 6.99% in 2025.

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