NFIB Calls on Pennsylvania Legislature to enact tax reform for main street in constructing new state budget
(HARRISBURG, PA) June 27, 2022 – As lawmakers put the last touches on the Pennsylvania state budget, few details are known for certain about the final proposal that will be sent to Governor Wolf for his signature. Representing 13,000 small and independent business owners throughout Pennsylvania, the National Federation of Independent Business (NFIB) has a vested interest in this annual proposal and hopes that 2022 will finally bring some much-needed relief for struggling Main Streets across the Commonwealth.
After more than two years of challenges – including shutdowns, mandates, and depressed sales – small and independent business owners are hoping for several tax-related policy changes to help free up capital to reinvest in their businesses and jumpstart a sustained recovery. NFIB is seeking the following reforms to ease Pennsylvania's tax burden before the state's budget process is complete:
• Section 179 Expense Deductions
• Like-kind Exchanges
• Repeal of Accelerated Sales Tax Prepayments
• Reduce the Corporate Net Income Tax
• Ensure Fiscal Stability in the Unemployment Compensation Trust Fund to prevent future cost escalation
NFIB is also working to ensure the General Assembly does not saddle business owners with additional taxes, fees, or mandates while they construct the state spending plan.
“2022 is not the year to burden business owners with more regulation, more red-tape, new taxes, or increased fees. Instead, the General Assembly should be seeking ways to bolster our small businesses through smart fiscal and tax policies that incentivize business owners to reinvest in their operations and employees,” said Greg Moreland,
NFIB'S Pennsylvania State Director. “While NFIB is confident that our policy priorities to ease the cost of doing business have broad appeal and support within the General Assembly, it is critical that these common-sense solutions are advanced and enacted as soon as possible. NFIB will continue its advocacy as long as votes are occurring in Harrisburg and hold elected leaders accountable for their actions on these critical issues.”