The Pennsylvania Food Merchants Association is the most recent organization to join a coalition of business groups in support of the Small Business Tax Fairness Package.
The three-bill package, currently under consideration by the state House of Representatives Finance Committee, is aimed at helping small businesses compete and to revise tax policies.
House Bill 105 amends the state’s tax law to match the federal government’s allowance of tax deferral when property is exchanged for similar land. Currently, only Pennsylvania does not permit like-kind exchanges for small businesses.
House Bill 333 allows small businesses to take a full deduction the year an asset is purchased up to a $1 million cap. The assets include machinery, equipment, or other expensive items.
House Bill 1603 permits small business owners to use a net operating loss against a tax bill.
In Pennsylvania, more than 99 percent of businesses are classified as small.
Other organizations in the coalition include AIA Pennsylvania, Chester County Chamber of Business & Industry, Manufacturer and Business Association, National Federation of Independent Business, 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.