Harrisburg, Pa. (June 14, 2022) – The Harrisburg Regional Chamber Board of Directors met on Wednesday, June 8, 2022 and passed three positions of support for corporate tax reform legislation currently in the General Assembly. The Harrisburg Regional Chamber’s Government Relations Committee recommended support on the following legislation:
- Senate Bill 771, authored by Senator Ryan Aument, would gradually reduce Pennsylvania’s corporate net income tax (CNIT) from its current rate of 9.99% to 6.99% by 2024. The proposal also includes trigger mechanisms to potentially lower the rate further based on future General Fund surpluses.
- House Bill 1960, authored by Representative Joshua Kail, would reduce Pennsylvania’s CNIT from its current rate if 9.99% to 8.99% for tax year 2023 and thereafter. The proposal also includes trigger mechanisms to potentially lower the rate to 7.99% by tax year 2025 based on future General Fund surpluses.
- House Bill 2277, authored by Representative Jesse Topper, would eliminate the requirement for certain Pennsylvania businesses to file accelerated sales tax (AST) prepayments. These businesses would be allowed to remit collected sales tax revenues in accordance with their designated filing period.
“A CNIT reduction is essential to Pennsylvania’s economy by spurring economic growth and incentivizing business development, investments, and job growth,” said Harrisburg Regional Chamber & CREDC President & CEO, Ryan Unger. “Eliminating Pennsylvania’s AST prepayment requirements will simplify the Commonwealth’s notoriously complex corporate tax code, making it easier for businesses to avoid needless penalties. These reforms are critical to attracting business investment and continuing our economic growth.”
ABOUT HARRISBURG REGIONAL CHAMBER & CREDC
Harrisburg Regional Chamber & CREDC serves as a catalyst for promoting growth and quality of life in Cumberland, Dauphin and Perry Counties through bold leadership, visionary members and powerful results. The organization provides a unique blend of business, community/economic development and advocacy services under one roof to boost the economic vitality and livability across our region. The Chamber & CREDC has been accredited with five stars from the United States Chamber of Commerce—a distinction achieved by less than 2 percent of chambers across the nation.