DuBois Weather

On Air Now

Red Eye Radio
1:00am - 5:00am

PA House of Representatives pass legislation to help small businesses

Harrisburg –

The Pennsylvania House of Representatives this week passed major economic ignition legislation to lower the Corporate Net Income Tax and provide additional tax relief to job creators.

It is part of the PA House Republican caucus’ effort to make the Commonwealth, what it is calling the “Envy of the East,” with a drive toward investment and creating family-sustaining jobs and growth of communities.

The legislation, House Bill 1960, would lower the Corporate Net Income Tax by one percentage point to 8.99 percent starting Jan. 1, 2023, with additional triggers to further lower the tax rate in future years.

The legislation would also provide additional tax simplification and fairness for Pennsylvania’s job creators by increasing the cap for net operating loss carry forwards.

The bill passed the House by a vote of 195 to 8.

The legislation is one of eight tax reform bills that have recently passed the House to help small business job creators in Pennsylvania.