WOLF PROPOSES CUTS TO STATE’S CORPORATE NET INCOME TAX

Governor Tom Wolf wants to cut the state’s nearly ten percent corporate net income tax.  Under his proposal, the nine-point 99 percent CNIT would drop to seven point 99 percent by January 2023, and gradually decrease each year until reaching four point 99 percent. The governor says he’s been pushing a cut to the tax for seven out of his last eight budgets. The proposal announced last week is supported by democratic bills in both the House and Senate.