HARRISBURG, Pa. (AP) — The Pennsylvania House is giving its approval to a bill that would eventually cut business taxes by hundreds of millions of dollars a year while increasing revenues by cracking down on the so-called Delaware loophole.
The bill passed on Monday by a vote of 129 to 65 and was sent to the state Senate for its consideration. A similar measure passed the House a year ago but died when the session ended in November.
The Republican-sponsored proposal would cut the corporate net income tax rate from 10 percent to 7 percent over 10 years beginning in 2015.
Supporters say it would make the state more competitive and produce more jobs. Opponents call it a massive giveaway to big corporations.