From PA Chamber of Business & Industry
PA Chamber Government Affairs Vice President Sam Denisco joined House and Senate lawmakers and small business owners at a news conference last week in support of a package of bills that aim to help small businesses compete, as well as streamline state and federal tax policies to ease operational burdens for small business owners.
The “Small Business Tax Fairness Package” includes the following bills that have earned the PA Chamber’s support:
- H.B. 105 would allow for “like-kind exchanges” that would empower small business owners to defer taxes when property is exchanged for similar property. Notably, Pennsylvania is the only state in the country that does not currently permit this.
- H.B. 333 would let small businesses take the full expensing deduction the year that an asset for their company is purchased, increasing the deduction from $25,000 to $1 million to match with federal tax law.
- H.B. 1603 would let small business owners use a net operating loss against a tax bill to get through leaner economic times. This is especially helpful to start-ups or cyclical businesses and is already an option made available to corporate taxpayers under state law.
On Nov. 15, a coalition of business advocates crossing all industry sectors sent a letter to House Finance Committee members urging their approval of these bills. Two of the bills – H.B. 105 and H.B. 333 – were reported from the committee and await further consideration in the House; while H.B. 1603 still awaits consideration by the committee.