Pennsylvania Gov. Tom Wolf proposed a 2019-20 budget that does not include any broad-based tax increases. The proposed budget includes:
– corporate net income tax reforms, and
– expansion of the resource enhancement and protection credit.
Corporate Net Income Tax
The governor is calling to:
– lower the corporate net income tax rate to 5.99% by 2024; and
– adopt full combined reporting effective January 1, 2020.
Resource Enhancement and Protection Credit
In order to assist the agricultural industry, the governor proposed to expand the Resource Enhancement and Protection Credit by $3 million.
2019-20 Proposed Budget, Pennsylvania Gov. Tom Wolf, February 5, 2019