Kauffman: Working to Ignite PA Job Creation

From Representative Rob Kauffman

Looking to jump start our state’s economy and boost job creation, I joined a bipartisan majority in the House this week to approve legislation that would reduce the Corporate Net Income Tax (CNIT) rate and provide additional tax relief to job creators.

House Bill 1960 would lower our CNIT rate – currently one of the highest in the nation – from 9.99% to 8.99% starting in January. It would be further reduced in future years if the Commonwealth has a General Fund surplus of more than $500 million.

The measure would also increase the cap on net operating losses to 45% or as much as 50% of taxable income if the Commonwealth has a General Fund surplus of more than $750 million.

Lowering employer taxes

Lowering taxes on employers would have a ripple effect on the state’s economy by encouraging the expansion of existing businesses, attracting new business investments and creating family-sustaining jobs. This is exactly what we need to boost the Commonwealth’s economic recovery.

The bill passed the House by a vote of 195-8 and now goes to the Senate for consideration. It is one of eight tax reform bills that have recently passed the House to help small business job creators and drive investment in Pennsylvania.

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READ: Ross: Funding the Pennsylvania State System of Higher Education

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