PHILADELPHIA INQUIRER: Gov. Wolf on Wednesday proposed cutting the state corporate net income tax rate in half by 2018, a step he said would vault Pennsylvania from the nation’s second-highest rate to one of its lowest.
Unveiling pieces of his economic plan to Lehigh Valley business leaders, Wolf called for gradually reducing the state’s corporate net income tax from 9.99 percent to 4.99 percent, eliminating the capital stock and franchise tax, and eliminating loopholes for multi-state companies through combined reporting practices, which he said will “level the playing field” for all businesses in Pennsylvania.
Wolf said he believed the combination of moves would result in an overall tax reduction for the state, but he declined to specify how large the revenue decline could be – or how the state would make it up… (more)
