HARRISBURG – Rep. Joshua D. Kail (R-Beaver/Washington) announced today that his tax cut bill to help businesses create more family-sustaining jobs, promote economic growth and encourage investment passed the House by a 195 to 8 vote.
“The last time the Corporate Net Income Tax (CNIT) was cut in Pennsylvania was in 1995, and the last time a bill addressing this issue passed the House was in 2013,” said Kail. “Time and time again, we have missed opportunities that would help Pennsylvania reach its economic potential. This legislation is a great step in the right direction.”
According to Kail, House Bill 1960
would lower the CNIT from 9.99% -- the second-highest in the country -- to 8.99% starting January 2023. Further reductions would also be implemented if there is a budget surplus in excess of $500 million for the 2022-23 and 2023-24 fiscal years.
Similarly, the bill would increase allowable net operating losses to 45% of taxable income and may increase to 50% if there is a budget surplus of more than $750 million in 2022-23 and 2023-24.
“As we continue to stand up for taxpayers and fight for jobs, we must develop and implement policies to make the Commonwealth a favorable place for employers to locate, invest and grow. It’s about jobs, families, growth and building a better Pennsylvania for our kids and grandkids.”
To view Rep. Kail’s remarks, click here
The legislation now heads to the Senate for consideration.
Representative Joshua Kail
15th Legislative District
Pennsylvania House of Representatives
Media Contact: Nate Temple