Tax Relief Will Boost Main Street But State Lawmakers Leave Town Without Addressing Major Economic Challenges

July 8, 2022

Tax Relief Will Boost Main Street But State Lawmakers Leave Town Without Addressing Major Economic Challenges

FOR IMMEDIATE RELEASE (HARRISBURG, PA) July 8, 2022 – The National Federation of Independent Business (NFIB), the nation and Commonwealth’s leading small business association, today released the following statement by Greg Moreland, NFIB’s Pennsylvania State Director, on behalf of its 13,000 member small-and-independent business owners throughout the state: “As the General Assembly concludes its budgetary deliberations for 2022-23, NFIB is pleased that several long-sought tax relief measures were finally enacted: cutting the Corporate Net Income tax in half will directly benefit tens of thousands of Main Street employers, while modernizing the tax code to include like-kind exchanges for pass-through entities will at last allow many small businesses to implement the same finance strategies and write-off opportunities as their large corporate competitors. When government allows a business to keep more of their money, it is reinvested in their employees, operations, and their communities. “Unfortunately, it is extremely disappointing that with more than $6 billion in surplus taxpayer dollars, the General Assembly failed to prevent, or even significantly mitigate, pending cost escalations related to the state’s near-insolvent Unemployment Compensation Trust Fund. This inaction means that – for years to come – small businesses will be paying the tab for pandemic related layoffs and closures mandated by their own state government in the form of higher unemployment insurance costs. Nearly 35 states have utilized federal pandemic aid to restore and stabilize state unemployment systems. While it is extremely discouraging Pennsylvania ignored this opportunity to stabilize local economies and jumpstart our recovery, NFIB will continue its advocacy and pressure on this issue until UC relief is realized. “NFIB is thankful to those legislators who championed the small business tax fairness package and continue to recognize it’s the small businesses that employ half the state’s workforce and create the majority of new jobs in the Commonwealth. These same small businesses are still reeling from record-high inflation, supply chain disruptions, worker shortages, and record-low optimism. More work is needed in the short and long term to improve our business climate in Pennsylvania, and NFIB will continue to be the loudest voice in Harrisburg for strong and robust Main Streets across every community in our state.”

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For 78 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 a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.

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Pennsylvania

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