State Lawmakers Advance Business Tax Cuts

HARRISBURG, Pa. (AP) – State lawmakers are moving toward hundreds of billions of dollars in business tax cuts. The state House voted overwhelmingly Tuesday for a cut in the corporate net income tax rate from 10% to 9%. If the state’s revenues are sufficient, the rate would fall again to 8% by 2025. The House vote to send the bill to the Senate was 195 to 8. Pennsylvania state revenues are exceptionally strong this fiscal year. The most recent Revenue Department figures show the year-to-date general fund collections are about $2.7 billion above projections through March. That amounts to about 8%.