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Billions in Surplus Have Pennsylvania Lawmakers Thinking Business Tax Cut

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Hundreds of millions of dollars in business profit tax cuts passed the Republican-majority Pennsylvania House, and Democratic Gov. Tom Wolf said he was optimistic a final deal can be struck in the coming months.

Pennsylvania's state budget this year is $40 billion, with billions in federal money in reserve along with a rainy day fund approaching $3 billion.

The size of state tax cuts is currently limited, a condition of Pennsylvania accepting federal coronavirus recovery funds. Rep. Napoleon Nelson, D-Montgomery, said there had been talk of even larger cuts, along with other changes that would bring more tax revenue from companies that do business in multiple states.

“There's so much more that we can do, if we actually allow the agreement to happen,” Nelson said. “Let's actually provide businesses with what they need so that they can come to Pennsylvania.”The bill was sent to the state Senate, where Republican majority spokesperson Erica Clayton Wright said a corporate net income tax cut has bipartisan support “and is a component of the overall strategy” to boost Pennsylvania's economy.

 

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