Capital Stock Tax Rate Continues Phase Out

Capital Stock Tax Rate Continues Phase Out Under New PA State Budget

Posted

Michael A Stoltzfus, CPA, MT
Manager, Tax Services

Governor Corbett announced today that he signed the budget after vetoing $72.2 million in legislative spending. The cuts are in general legislative operational spending ($65 million) and legislative earmarks ($7.2 million).

These spending cuts have no impact on taxes and EITC funding. This means the capital stock tax rate continues to be phased out.