The Pennsylvania Food Merchants Association, whose nearly 800 retail members operate more than 3,500 food stores, joins a coalition of business groups in support of a three-bill package that will benefit small businesses in Pennsylvania.
The Small Business Tax Fairness Package, comprised of House Bills 105, 333, and 1603, includes tax changes targeted to help small businesses compete more effectively with larger businesses as well as provide consistency with federal tax policies and those of other states.
In addition to PFMA, the legislation is supported by National Federation of Independent Business, AIA Pennsylvania, Chester County Chamber of Business & Industry, Manufacturer and Business Association, Northeast Pennsylvania Manufacturers and Employers Association, PennAg Industries Association, Pennsylvania Chamber of Business and Industry, Pennsylvania Farm Bureau, Pennsylvania Manufacturers’ Association, Pennsylvania Restaurant and Lodging Association, and the Pennsylvania Retailers’ Association.
The package is being considered by the Pennsylvania House of Representatives Finance Committee.
Small businesses, including small manufacturers, professionals, farmers, retailers, and other entrepreneurs, are truly the backbone of Pennsylvania’s economy and its local communities.
More than 99 percent of businesses in Pennsylvania are small. They hire half of our workforce and create two out of every three new jobs. Ensuring that small business owners have access to the resources necessary to expand and invest in their businesses is an investment in our economy as a whole. When small businesses grow and expand, they create jobs, raise wages, and inject capital into their local communities
Read the full letter to the Finance Committee here.
The Small Business Tax Fairness Package, comprised of House Bills 105, 333, and 1603, includes tax changes targeted to help small businesses compete more effectively with larger businesses as well as provide consistency with federal tax policies and those of other states.
In addition to PFMA, the legislation is supported by National Federation of Independent Business, AIA Pennsylvania, Chester County Chamber of Business & Industry, Manufacturer and Business Association, Northeast Pennsylvania Manufacturers and Employers Association, PennAg Industries Association, Pennsylvania Chamber of Business and Industry, Pennsylvania Farm Bureau, Pennsylvania Manufacturers’ Association, Pennsylvania Restaurant and Lodging Association, and the Pennsylvania Retailers’ Association.
- HB 105 would amend state tax law to match the federal government’s allowance of tax deferral when property is exchanged for similar property.For example, a small business could trade a vacant piece of property that it does not need for industrial property of the same value that it can use to expand without incurring state tax liability.Pennsylvania is the only state that does not permit like-kind exchanges for small businesses.
- HB 333 would allow small businesses to take the full expensing deduction the year an asset is purchased, helping owners buy equipment, machinery, or other expensive items that are necessary to grow their businesses. The limit would increase from $25,000 to $1 million to match federal tax law, the recent expansion of which has stimulated business growth and capital investment across the country. Pennsylvania’s extremely restrictive cap places our businesses at a competitive disadvantage and limits opportunities for growth.
- HB 1603 would permit small business owners to use a net operating loss against a tax bill to better cope with downturns in the business cycle. This is especially helpful to start-ups and to small businesses that typically experience cyclical markets for their products. Corporate taxpayers can already do this under state law.
The package is being considered by the Pennsylvania House of Representatives Finance Committee.
Small businesses, including small manufacturers, professionals, farmers, retailers, and other entrepreneurs, are truly the backbone of Pennsylvania’s economy and its local communities.
More than 99 percent of businesses in Pennsylvania are small. They hire half of our workforce and create two out of every three new jobs. Ensuring that small business owners have access to the resources necessary to expand and invest in their businesses is an investment in our economy as a whole. When small businesses grow and expand, they create jobs, raise wages, and inject capital into their local communities
Read the full letter to the Finance Committee here.
RSS Feed
