Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Pennsylvania Governor Pushes Corporate Income Tax Slash

Feb. 8, 2022, 10:04 PM

Pennsylvania Gov. Tom Wolf is pushing a plan to slash the state’s corporate income tax in half.

The Democratic governor’s budget proposal, unveiled following his annual address to state lawmakers Tuesday, would reduce the Pennsylvania corporate net income tax rate from 9.99% to 4.99% over a five-year span. Pennsylvania’s top rate is currently the second highest in the country, behind New Jersey, according to the Tax Foundation.

  • “I think our corporate tax rate is too high, and this year I’m once again calling for a reduction,” Wolf said during his speech.
  • Wolf’s budget proposal also includes ...