Pennsylvania Governor Signs Corporate Net Income Tax Rate Cut

Pennsylvania businesses, which face the second-highest corporate tax rate in the country, are set to receive major relief under a $45.2 billion budget signed by Gov. Tom Wolf (D).

Wolf approved the measure July 8, a day after state lawmakers favorably passed a bill during budget negotiations to trim Pennsylvania’s corporate net income tax rate to 8.99%, down one percentage point, starting next year.

The Democratic governor had pledged to lower the tax rate since he took office in 2015. He proposed in his most recent budget plan an immediate reduction he said would make the state ...