On 8 July 2022, the governor of the U.S. State of Pennsylvania signed House Bill 1342, which contains various tax measures. One of the key measures is a reduction in the rate of tax on corporate net income from 9.99% to 4.99% as follows for taxable years beginning:

• 1 January 2023 to 31 December 2023 - 8.99%
• 1 January 2024 to 31 December 2024 - 8.49%
• 1 January 2025 to 31 December 2025 - 7.99%
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