summary
Introduced
05/06/2025
05/06/2025
In Committee
05/06/2025
05/06/2025
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 lowers the corporate net income tax rate from 9.99% in 2022 to 4.99% by 2028. The rate will decrease incrementally: to 8.99% in 2023, 8.49% in 2024, 7.99% in 2025, 6.99% in 2026, 5.99% in 2027, and finally 4.99% in 2028 and subsequent years. This reduction effectively lowers the tax burden on corporations operating in Pennsylvania, which could potentially make the state more attractive for business investment and economic development. The bill is an amendment to the Tax Reform Code of 1971 and will take effect immediately upon passage.
Committee Categories
Budget and Finance
Sponsors (15)
Roman Kozak (R)*,
Aaron Bernstine (R),
Jill Cooper (R),
Eric Davanzo (R),
Valerie Gaydos (R),
Mark Gillen (R),
Tom Jones (R),
Rob Kauffman (R),
Kristin Marcell (R),
Dan Moul (R),
Brian Rasel (R),
Nikki Rivera (D),
David Rowe (R),
Jeremy Shaffer (R),
Tim Twardzik (R),
Last Action
Referred to FINANCE (on 05/06/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...