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Pennsylvania Cutting Corporate Net Income Tax Rate and Introducing New Nexus Rules

14 July 2022

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Approved Changes

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United States

On 8 July 2022, the governor of the U.S. State of Pennsylvania signed House Bill 1342, which contains various tax measures. One of the key measures is a reduction in the rate of tax on corporate net income from 9.99% to 4.99% as follows for taxable years beginning: 1 January 2023 to 31 December 2023 - 8.99% 1 January 2024 to 31 December 2024 - 8.49% 1 January 2025 to 31 December 2025 - 7.99% 1 January 2026 to 31 December 2026 - 7.49% 1 January 2027 to 31 December 2027 - 6.99% 1 January 2028 to 31 December 2028...