BETHLEHEM, Pa. (AP) – Gov. Tom Wolf says he’ll seek to cut Pennsylvania’s major corporate income tax rate in half, but he’ll also try to broaden how it is applied.
The Wolf administration released details about the plan Wednesday ahead of Wolf’s address to a group of Lehigh Valley business leaders in Bethlehem.
The plan involves halving the corporate net income tax to 4.99 percent, down from the current 9.99 percent. Wolf says that change would take the rate from the nation’s second highest to the fourth lowest.
Wolf also wants to institute something called combined reporting in an effort to crack down on companies that shift profits earned in Pennsylvania to lower-tax jurisdictions.
Both steps would require approval from lawmakers.
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