Historic. Bipartisan. Future-focused. Together with business advocates, legislators and Wolf administration officials, the PA Chamber has been celebrating its leading role in a comprehensive, monumental tax reform package that was enacted as part of the 2022-23 state budget and is significantly raising our capital among other states for private sector investment – both now and well into the future.
Early last week, PA Chamber President and CEO Luke Bernstein joined Gov. Tom Wolf and lawmakers at the York County Economic Alliance where he spoke about the opportunity these reforms which we’ve long fought for on behalf of our broad-based membership can now afford our Commonwealth as we work to attract business and create jobs. “We are proud to have worked alongside Gov. Wolf and a bipartisan coalition of lawmakers and want to thank the governor and legislative leaders for working with us … At a time when compromise can seem elusive, our collective efforts to put Pennsylvania’s economic future first has made our commonwealth significantly more competitive and sends the important message to job creators and investors worldwide that Pennsylvania is open for business. We look forward to carrying this momentum forward with additional pro-growth reforms that promote Pennsylvania as the best place to live, work, and raise a family.”
The very next day, flanked by House Speaker Bryan Cutler, R-Lancaster and state Sen. Ryan Aument, R-Lancaster, the PA Chamber led a business roundtable discussion at the Lancaster Chamber followed by a press conference in which we highlighted the attributes of the comprehensive tax reform package – the reduction in half of our Corporate Net Income Tax rate from 9.99 percent to 4.99 percent over the course of the next eight years; and the inclusion of like-kind exchanges and Section 179 in our Tax Code which will be a boon for the small business community, allow them to reinvest more of their hard-earned dollars back into their companies, their employees and in hiring more people.
And to wrap up the week, the PA Chamber was also at a roundtable convened by the Greater Pittsburgh Chamber of Commerce and Republican Senate Majority Kim Ward. Leaders from the Pittsburgh business community, including several members of the Pittsburgh Metropolitan Area Hispanic Chamber, noted how the reforms will increase investment in Pennsylvania and create more opportunity for underrepresented communities. Leaders also discussed how the small business tax reforms will facilitate increased economic activity in the state.
So, where do we go from here? Additional tax reforms highlighted on our website, along with commonsense permitting and regulatory reforms that will make project completion more easily achievable, are other ways the PA Chamber is working to attract business growth to PA. But there’s no doubt that this bipartisan tax reform is a monumental victory for Pennsylvania’s economy – and its people – for generations to come.