- LIGUORI ACADEMY- KRAVINSKY LITERACY PROGRAM FOUNDED BY PHILANTHROPIST, ZELL KRAVINSKY
- SIGLENT Technologies Expands the Addressable Frequency Range of its RF Instruments to Best Support Microwave Range
- KiwiQA chosen as the preferred testing vendor by Stone & Chalk, leading Australia-based innovation Start-up & scaleup hub
"I've been calling for a lower Corporate Net Income Tax rate since I first took office and I'm thrilled that we were able to make this happen in my last budget," said Gov. Wolf. "This lower rate is a game-changer for business in PA. We're going to ensure tax fairness, make Pennsylvania a top location for businesses, and bring new, good-paying jobs here for Pennsylvanians."
Pennsylvania is officially on a path to a 4.99% CNIT rate—half of its current 9.99% rate—which will place the commonwealth as the seventh lowest CNIT rate in the nation.
"We are here to celebrate a new chapter in Pennsylvania's story and to highlight what we can collectively achieve when we work together by putting Pennsylvania first," said Luke Bernstein, president and CEO of the PA Chamber of Business and Industry. "We are proud to have worked alongside Gov. Wolf and a bipartisan coalition of lawmakers and want to thank the governor and legislative leaders for working with us to make these long sought-after tax reform goals a reality. At a time when compromise can seem elusive, our collective efforts to put Pennsylvania's economic future first has made our commonwealth significantly more competitive and sends the important message to job creators and investors worldwide that Pennsylvania is open for business. We look forward to carrying this momentum forward with additional pro-growth reforms that promote Pennsylvania as the best place to live, work, and raise a family."
More on The PennZone
- Statement Pursuant to Section 19(a) of the Investment Company Act of 1940: DEX
- Pennsylvania: Gov. Wolf Signs Legislation Extending Authority of State Horse Racing Commission
- Gov. Wolf: More Than 1.7 Million Pennsylvanians Eligible for Relief on Student Loans
- Ironside Human Resources Announces Office Expansion Due to Rapid Growth
- Gov. Wolf Reminds Pennsylvanians to Explore Affordable Health Care Options through Pennie Ahead of Open Enrollment Period
CNIT is a state tax paid by businesses within Pennsylvania on their corporate profits. It is a major piece of states' business tax climate that contributes to companies' decisions on where they decide to establish job-creating business operations. Pennsylvania's 9.99 percent rate was the second highest in the country among the 44 states that levy a CNIT. The 9.99 percent rate often posed a barrier to Pennsylvania's ability to attract new business and new jobs.
By improving the competitiveness of Pennsylvania's business climate with a lower CNIT rate, Gov. Wolf is welcoming businesses to take root here or expand their current operations – both of which would lead to new, good paying jobs for Pennsylvanians. It also sends an immediate signal to business leaders that Pennsylvania is open for business.
"Lowering the CNIT makes Pennsylvania more competitive in attracting business and economic development projects and means more jobs and more investment coming into our communities," said Department of Community and Economic Development Acting Secretary Neil Weaver. "This also shows that we are committed to keeping existing Pennsylvania businesses here in the commonwealth by offering a business climate that makes sense for companies' bottom line as they continue to grow."
Pennsylvania's new, competitive CNIT rate is just one more benefit that makes Pennsylvania a great place to do business, including:
- A strategic East Coast location within a day's drive of nearly 40 percent of the United States population and 60 percent of the Canadian population.
- A workforce fueled by world-class higher education and research institutions with six universities ranked in the top 100 nationwide.
- An affordable cost of living paired with abundant recreational and cultural opportunities.
Reducing Pennsylvania's CNIT rate was a bipartisan effort and priority. Gov. Wolf was joined today by Representatives Carol Hill-Evans, Mary Jo Daley, and Greg Rothman.
More on The PennZone
- Aspirant Announces New Organizational Effectiveness Principal
- Evangeline M. Mitchell Named as the Recipient of the Bar Association of DC's 150th Anniversary Presidential Award
- Qurate Retail Group Names Scott Barnhart Chief Operating Officer
- Corrupt Nypd Official Captured On Camera
- Grammy® Nominated Duo Helen Bruner & Terry Jones New Single & Visuals For "At Dinner 32"
"Gov. Wolf has asked for a reduction of the CNIT in nearly every budget he introduced and I have been proud to sponsor legislation in several sessions to get that done," said Rep. Daley. "Working with staff in the Department of Revenue and the House Democratic Appropriations Committee, I am hopeful that the plan for reducing the CNIT will encourage new businesses and manufacturers to open shop in Pennsylvania, creating good jobs and boosting local economies."
Lowering the CNIT is another in a series of actions like eliminating the outdated Capital Stock and Franchise Tax and investing heavily in education and the workforce that solidifies Gov. Wolf's commitment to improving Pennsylvania's business climate.
SHARE Email Facebook Twitter
Latest on The PennZone
- Gov. Wolf's $25 Million State Child Care Tax Credit Will Support 221,000 Working Families in Pennsylvania
- Lincoln Financial Group to Report Third Quarter Earnings
- The Democracy Group launches fellowship for aspiring Gen Z podcasters
- Sydney Brachytherapy Group is the first private non-melanoma skin cancer clinic in Sydney to offer OncoBeta's Rhenium-SCT
- UnityLab Secures $4.5 Million Series A Funding to Accelerate Growth, Add Jobs and Expand Manufacturing Operations in Dushore, Pennsylvania
- PermaTherm Announces Panels Delivered Quickly Program
- ASI Hosts 24th Annual iNNOVATIONS Conference and Announces Award Winners
- Myonex Launches CTRx Europe, Central Pharmacy Network
- MolecuLight Point-of-Care Wound Imaging Devices Awarded Group Purchasing Agreement with AllSpire Health GPO
- Cantaloupe, Inc. to Delay Form 10-K Filing for Fiscal Year 2022
- Hundreds Walk For Recovery, Jobs A Solution
- The World's First Stuttering Mentalist - Johnathan Smith Is A Story Of Determination And Hard Work
- Pennsylvania: Gov. Wolf Announces Deployment of PA-Task Force 1 to Support Hurricane Ian Response
- InHome Therapy Announces $22 Million Investment Led by TT Capital Partners to Fuel Growth and Expansion
- BEAR Technologies Successfully Completes 2022 SOC 2 Type II Audit
- Exterro Launches FTK® Suite 7.6, Introducing Mobile Parsing, Automation Capabilities, And Industry-First Remote Endpoint Triage
- Kitchen Magic Adopts Zero-Waste-to-Landfill Initiative
- Pennsylvania: Gov. Wolf, Lt. Gov. Fetterman: Time is Running Out for People Interested in Quick Pardons through PA Marijuana Pardon Project
- AmerisourceBergen Announces Date and Time for Fourth Quarter Fiscal 2022 Earnings Release
- Re-Introducing Gigahurtz, DJ and Producer