Pennsylvania Chamber of Business and Industry President and CEO Luke Bernstein issued the following statement regarding the ceremonial bill signing of Act 53 of 2022 – the monumental, bipartisan tax reform legislation that was enacted with the 2022- 23 Commonwealth budget in July and reduced Pennsylvania’s Corporate Net Income Tax rate in half, among other key reforms to Pennsylvania’s Tax Code:

“It’s a great pleasure for Pennsylvania’s business community to join Republican and Democratic members of the General Assembly and Governor Tom Wolf to celebrate this bipartisan victory for Pennsylvania. Our shared achievement in lowering Pennsylvania’s Corporate Net Income tax rate – and removing what had long been a major red flag to private sector investment – was a goal three decades in the making, and one that instantly makes Pennsylvania a more attractive place to do business. In addition to the CNI reduction, Act 53 includes small business tax reforms, ensuring the law will help businesses of all sizes grow and invest.

“As we look toward the future, the Pennsylvania Chamber is excited to continue this spirit of collaboration. We are committed to seeing through the scheduled phase-down of the CNI; achieving additional tax reforms, such as improving the treatment of Net Operating Losses; permitting reform; strengthening workforce development; criminal justice reform measures; and more.

“Compromise can be elusive in a divided political climate, but our success achieving tax reform is proof that when we put politics aside and do what’s best for Pennsylvania, we can achieve great things.”

For details on Act 53 and its impact on the state’s business community, visit the PA Chamber website.

This article was published in the Venango Chamber’s December 2022 VenangoWorks! Newsletter.