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Pennsylvania Cuts Corporate Tax Rate

Pennsylvania Cuts Corporate Tax Rate

Pennsylvania Act 53 of 2022 significantly reduces the state's corporate net income tax rate, sending a clear signal that Pennsylvania is open for business.

Until Act 53 passed, Pennsylvania had the second highest corporate net income tax rate among the 50 states (9.99%), a rate unchanged since 1995.

Act 53 reduces the corporate net income tax rate in stages to 4.99%, currently scheduled to occur in 2031.

The rate is at 8.99% as of Jan. 1, 2023.

"For years, Pennsylvania's high tax rate stood as a stop sign to companies considering moving and investing here. The tax reform package is an important first step in making Pennsylvania more competitive and showing the world that we are open for business."
-- Luke Bernstein, Pennsylvania Chamber of Business and Industry President & CEO

Other benefits of Act 53 for Pennsylvania small business and taxpayers include:

Up to $1 million in tax reductions for capital equipment purchases.
Deferment of personal tax liabilities through "like-kind exchanges" of certain property.
Increased amounts of Educational Improvement Tax Credits.
Establishment of a Dependent and Child Care Enhancement Tax Credit.
Tax exemptions for Gold Star families.

Read more about the changes from the Pennsylvania Chamber of Business and Industry