A bipartisan group of House members came together this week to announce legislation aimed at helping to create a fairer business climate in Pennsylvania.
A bill to close the “Delaware Loophole” has been introduced in the Pennsylvania House, according to State Rep. Jim Cox. HB 2150 will prohibit multi-state corporations to reduce their Pennsylvania tax liabilities by transferring the ownership of intangible assets to an affiliated company in Delaware.
The bill would only affect businesses that are taking advantage of the loophole for the sole purpose of avoiding paying taxes in Pennsylvania and would use revenue gained from closing the loophole to reduce Pennsylvania’s overall business tax burden, Cox said.