Pennsylvania HB 760: An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in corporate net income tax, further providing for imposition of tax.

Bill Text

PRINTER'S NO. 784
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 760
Session of
2025
INTRODUCED BY KEPHART, HAMM, M. MACKENZIE, ROAE, MARCELL,
STENDER, KAUFFMAN, M. BROWN, ARMANINI, LEADBETER, SCIALABBA,
PICKETT, KUTZ, TWARDZIK, ROWE, ZIMMERMAN, GILLEN, T. JONES
AND FINK, MARCH 3, 2025
REFERRED TO COMMITTEE ON FINANCE, MARCH 3, 2025
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in corporate net income tax, further providing
for imposition of tax.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 402(b) of the act of March 4, 1971
(P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
to read:
Section 402. Imposition of Tax.--* * *
(b) The annual rate of tax on corporate net income imposed
by subsection (a) for taxable years beginning for the calendar
year or fiscal year on or after the dates set forth shall be as
follows:
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Taxable Year Tax Rate
January 1, 1995,
through December 31,
2022 9.99%
January 1, 2023,
through December 31,
2023 8.99%
January 1, 2024,
through December 31,
2024 8.49%
January 1, 2025,
through December 31,
2025 7.99%
January 1, 2026,
through December 31,
2026 [7.49%] 5.99%
January 1, 2027,
[through December
31, 2027] and each
taxable year
thereafter [6.99%] 4%
[January 1, 2028,
through December 31,
2028 6.49%
January 1, 2029,
through December 31,
2029 5.99%
January 1, 2030,
through December 31,
2030 5.49%
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January 1, 2031, and
each taxable year
thereafter 4.99%]
* * *
Section 2. This act shall take effect immediately.
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