Now PA businesses won't be at competitive disadvantage with companies in all other states
HARRISBURG (June 26, 2019) – NFIB, which represents 14,000 small and independent businesses in Pennsylvania, applauded the state House and Senate for passing a bill that improved the Pennsylvania Tax Code. The association is also grateful to Gov. Tom Wolf for signing that measure into law. The change brought about by Senate Bill 1056 will encourage business growth and lead to a stronger state economy.
Following the passage of the federal Tax Cuts and Jobs Act, the Pennsylvania Department of Revenue chose to counteract the opportunities it created for business growth and investment by issuing a bulletin preventing corporations from depreciating their capital investments in state tax filings. SB 1056 reversed the agency’s action.
“Following passage of the Tax Cuts and Jobs Act in Washington, small-business optimism has surged nationwide as companies have planned expansion, created additional jobs, and raised wages, but here in Pennsylvania companies were at a disadvantage, “said Rebecca Oyler, legislative director of NFIB in Pennsylvania. “Now that the General Assembly has reversed the PA Department of Revenue’s action, our small businesses will be able to grow like their counterparts elsewhere.”
NFIB is grateful to Sen. Michele Brooks (R-Mercer) for sponsoring SB 1056 and to Rep. Frank Ryan (R-Lebanon) who sponsored a companion bill in the House. We applaud all the lawmakers who voted in favor of these measures, which encourage small-business growth, job creation and will help boost the Pennsylvania economy.