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Billions in surplus have lawmakers thinking business tax cut

HARRISBURG, Pa. — Hundreds of millions of dollars in business profit tax cuts passed the Republican-majority state House on Tuesday, and Democratic Gov. Tom Wolf said he was optimistic a final deal can be struck in the coming months. Lawmakers voted overwhelmingly for a bill that would reduce the corporate net income rate from 10% to 9%, and the if state’s revenues are sufficient, down to 8% by 2025. If enacted into law, the measure would cost about $128 million in 2022-23, as it would not cover the entire 12-month period.