Posted on 05 April 2012.
The state capitol
HARRISBURG PA ? A plan to lower Pennsylvania?s corporate net income taxes and close business tax loopholes that allow multi-state companies to avoid paying taxes in the state advanced Monday (April 2, 2012) out of the House Finance Committee, The Pennsylvania Independent online news service reported.
House Bill 2150 would lower the corporate net income tax from 9.99 percent to 6.99 percent by 2019, and close loopholes to remain revenue neutral, at least for the short term, the bill?s supporters said.
Pennsylvania?s corporate net income tax is the highest in the nation, and America has the highest national rate in the world after Japan?s tax dropped April 1. Business groups have seized on that fact to claim that the Keystone State is the least business-friendly location in the world.
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