NFIB applauds members of the PA House who voted in favor of three bills that would change state tax laws to encourage small-business growth.
The first, HB 2277 would repeal the requirement for businesses to remit accelerated tax payments, known as “prepayments,” for sales tax collections. The second, which is a top NFIB legislative priority, HB 385 would allow the tax deferral of like-kind exchanges. HB 385 would also exclude paycheck protection program (PPP) loans and stimulus checks from the personal income tax. Finally, the House passed HB 1960, which would reduce the Corporate Net Income Tax (CNIT) rate from 9.9 % to 8.99% and would continue to cut the rate by .5 percent annually for the next two years if the General Fund budget meets surplus targets.
These bills are now before the PA Senate and are expected to be part of the upcoming state budget negotiations. NFIB will continue work with members of the General Assembly to get these and other important tax measures signed into law.