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Article: Pennsylvania Business Tax Reform Commission Releases Interim Report; Recommends Substantial Decrease in Corporate Net Income Tax Rate.
- Article from:
- PR Newswire
- Article date:
- June 21, 2004
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HARRISBURG, Pa., June 21 /PRNewswire/ -- The Pennsylvania Business Tax Reform Commission today released an interim report that recommends lowering the state's Corporate Net Income (CNI) tax to between 6 percent and 7 percent.
"The Commonwealth's current 9.99 percent (CNI) tax rate is so high that it discourages both new economic development and the expansion of existing Pennsylvania businesses," the report said.
The Commission also recommended eliminating the existing $2 million annual cap on Net Operating Losses, which it said discourages economic development and is at odds with other state policy and funding initiatives that encourage technology-based ...