In the budget, legislators included a reduction of the nation’s second highest Corporate Net Income Tax from 9.99% to 8.99% this year, and 0.5% each year until it reaches 4.99% in 2031.
GOP leaders say there are many wins for the people of Pennsylvania in state budgetBusiness leaders in Pennsylvania are applauding the new state budget.
“Once we get into the end of that horizon, we will be sixth in the country in terms of our CNI,” he said.president and CEO Luke Bernstein also applauded the budget tax reforms and said this is the first change in the CNI rate since 1995. As part of the budget, the state will also expand expense deductions from $25,000 to $1.08 million to help businesses to buy equipment.The Harrisburg Regional Chamber also supported legislation passed Thursday that will end the possibility of tolling the I-83 Bridge over the Susquehanna River.Greg Moreland, Pennsylvania state director of thesaid his organization was pleased with some of the items that were part of this year’s budget.
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