HARRISBURG, PA (November 9, 2021) – The National Federation of Independent Business (NFIB) Pennsylvania today applauded members of the Pennsylvania Senate who voted in favor of SB 347 (DiSanto), which would authorize like-kind exchanges in Pennsylvania. Pennsylvania is currently the only state in the nation that does not allow for personal income tax deferral when property is exchanged for similar property, commonly referred to as a “like kind” exchange.
This legislation will enable Pennsylvania to offer a level playing field for businesses looking to expand their investment or to relocate to the Commonwealth. NFIB is grateful to Senator DiSanto (R-Dauphin) for sponsoring the legislation
“Addressing this tax issue will increase opportunities for growth and investment in small businesses,” said Melissa Wilbur Morgan, assistant state director of NFIB PA. “When employers have more resources, they invest more in their companies by taking on new risks, hiring more employees, increasing wages, increasing benefits, and more,” added Morgan.
“My legislation levels the playing field for small businesses looking to expand or even relocate in our Commonwealth,” DiSanto said. “Like-kind exchanges can be a deciding factor for real estate transactions, and my bill will improve Pennsylvania’s business climate to encourage economic growth and job creation.”
“SB 347 will help position Pennsylvania small businesses to remain competitive,” said Senate Majority Leader Kim Ward. “It levels the playing field for investment and expansion by allowing for ‘like kind’ exchanges for personal income tax deferral when property is exchanged for similar property.”
NFIB appreciated the efforts of Majority Leader Kim Ward (R-Westmoreland), Senate President Pro Tempore Jake Corman (R-Centre), and Senator DiSanto (R-Dauphin) who helped encourage passage of the legislation. The measure now heads to the state House.
For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.