On February 25, Governor Tom Wolf announced that his 2015-16 budget will include significant reforms aimed at economic development.
His business tax plan includes:
• Reducing the Corporate Net Income (CNI) tax by half within two years in order to flip Pennsylvania’s ranking from second highest rate (9.99 percent) to the fourth lowest (4.99 percent);
• Eliminating the Capital Stock and Franchise Tax (CSFT); and
• Closing loopholes through combined reporting.
He will unveil the full details of his 2015-2016 budget plan on March 3.