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HARRISBURG – The way businesses are taxed in Pennsylvania will be changing, and the state’s Chamber of Business and Industry is happy about the reforms.
The Pennsylvania Legislature has approved a plan to cut the Corporate Net Income Tax rate nearly in half over the next nine years.
The newly passed tax reform package also contains relief for small businesses by allowing them to defer personal income tax liabilities through “like-kind exchanges” of certain property.
PA Chamber President and CEO Luke Bernstein said the tax reform package will make Pennsylvania more globally competitive, and that it’s a win for businesses and the people of the Commonwealth.
