Business

It’s official: Pennsylvania cuts corporate taxes after 27 years and the best is yet to come

By Patty Tascarella – Senior Reporter, Pittsburgh Business Times
Tom Wolf Pennsylvania Gov. Tom Wolf looks down while speaking during a rally to raise the state minimum wage at Sharon Baptist Church, Friday, July 9, 2021, in Philadelphia. With just a year and a half left in office, Wolf’s primary focus will be convincing the Republican-controlled Legislature to modernize how state aid is distributed to Pennsylvania’s public schools. Doing so would direct more money to Pennsylvania’s poorest school districts as well as to growing districts.(AP Photo/Matt Slocum) (Matt Slocum/AP)
By Patty Tascarella – Senior Reporter, Pittsburgh Business Times

PITTSBURGH — With a stroke of the pen — and the bipartisan support of state legislators — Gov. Tom Wolf signaled to the world that Pennsylvania is open for business.

The state’s corporate net income tax rate will finally drop from 9.99% — second highest in the nation — to 8.99% on Jan. 1. It gets better. It will shed half a percentage point annually until it falls to 4.99% in 2031.

Read more in the Pittsburgh Business Times.

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