Bill
Bill > HB760
summary
Introduced
03/03/2025
03/03/2025
In Committee
03/03/2025
03/03/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An act relating to tax reform and State taxation by codifying and enumerating certain subjects of taxation and imposing taxes thereon; providing procedures for the payment, collection, administration and enforcement thereof; providing for tax credits in certain cases; conferring powers and imposing duties upon the Department of Revenue, certain employers, fiduciaries, individuals, persons, corporations and other entities; prescribing crimes, offenses and penalties," in corporate net income tax, further providing for imposition of tax.
AI Summary
This bill modifies the corporate net income tax rates in Pennsylvania, gradually reducing the tax rate for corporations over several years. Specifically, the bill proposes to lower the corporate tax rate from 9.99% in 2023 to 5.99% in 2026 and then further reduce it to 4% in 2027 and subsequent years. This represents a significant reduction in the corporate tax rate, which could potentially make Pennsylvania more attractive for business investment by lowering the tax burden on corporations. The changes are part of an ongoing effort to create a more business-friendly tax environment in the state. The bill amends Section 402(b) of the Tax Reform Code of 1971 and will take effect immediately upon passage, providing a clear and predictable path for corporate tax rate reductions over the next few years.
Committee Categories
Budget and Finance
Sponsors (20)
Dallas Kephart (R)*,
Mike Armanini (R),
Wendy Fink (R),
Marla Gallo Brown (R),
Mark Gillen (R),
Joe Hamm (R),
Tom Jones (R),
Rob Kauffman (R),
Thomas Kutz (R),
Robert Leadbeter (R),
Milou Mackenzie (R),
Kristin Marcell (R),
Tina Pickett (R),
Brian Rasel (R),
Brad Roae (R),
David Rowe (R),
Stephenie Scialabba (R),
Michael Stender (R),
Tim Twardzik (R),
Dave Zimmerman (R),
Last Action
Referred to Finance (on 03/03/2025)
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