State Sen. Scott Hutchinson (R-21) said at an April 15 press conference that he plans to introduce legislation to help Pennsylvania companies grow by increasing the capital tax deduction cap to $100,000 from the current $25,000 per year.
"This is not a major jump, especially when you take into account the potential costs facing the small business as it looks to modernize or grow," Hutchinson said. "However, it may be small measure of financial relief that will encourage a small business owner to move forward, to make that important investment that ultimately means the difference between prosperity and shuttering the shop."
The measure is part of a three-bill package that will be introduced in the Pennsylvania Senate and House of Representatives.
"When the commonwealth invests in these businesses, it is an investment that strengthens the economic fiber of our communities and, directly or indirectly, sustains the quality of life for us all," Hutchinson said. "I look forward to working with my colleagues in the Senate and the House to move my bill and the other bills in this tax reform package through the legislative process and onto the governor's desk."
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