Three members of the Pennsylvania House of Representatives introduced legislation this week that aims to simplify the state's tax code to help small businesses.
The Small Business Tax Fairness Package would reform tax treatment for small businesses in three areas including expense deductions, like-kind exchanges and net operating loss carry forwards.
Package co-sponsor Rep. Jason Ortitay contributed to a roundtable discussion Monday on the potential impacts a tax increase could have on small businesses. Ortitay, who owns his own small business, said the current tax system in Pennsylvania can make it difficult for a business to hire new people.
“As representatives of this state, we need to support proposals that allow businesses to invest money back into their companies, not take more of their money to run an already bloated state government,” Ortitaty said.
The Small Business Tax Fairness Package is made up of House Bills 700, 701 and 702. It aims to encourage economic growth, job creation, investment and expansion of businesses in the state. Ortitay said adding another tax to smaller companies in Pennsylvania “would be the detriment of our economy.”
The package of bills has been referred to the House Finance Committee, and identical legislation has been introduced in the state Senate.
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