The talk must now turn toward shortening that timeline. As it now stands, it will take a decade for the competitive CNI rate of 4.99% to kick in. It’s about jobs and, in fact, increasing revenues. Tax reform is not about saving corporations money.

Better to compress the timeline than to drag it out. They need to know this change in the corporate net income tax is really happening. That nuisance tax was supposed to be off the books years earlier but fell hostage to budget maneuvering.īusinesses don’t locate in places filled with uncertainty. We can still recall the needless delays in the corporate stock and franchise tax phaseout. And this reform must be protected from haphazard pauses in the process by subsequent legislatures. This reduction is decades overdue and needs to be speeded up. It’s why the general assembly has at long last voted to reduce that rate and open the gates to new investment, better jobs and upward mobility for working families. That’s the mind numbingly high rate our commonwealth levied on corporate net income (CNI), a rate that arguably has scared off out-of-state investors and prevented us from replacing Fortune 500 companies that faded away or simply left our state. A vibrant economy is sometimes just a matter of the right number, and for Pennsylvania the right number has never been 9.99%.

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