State Rep. Jim Cox (R-129) reports that the Pennsylvania Legislature is considering changes to the tax code to benefit small business.
Cox says “like-kind exchanges” would be allowed so a small business can sell property and reinvest the proceeds into similar property without immediately having to pay taxes on these proceeds. Pennsylvania is the only state which does not currently allow for this provision.
Also small businesses would be granted the ability to use the Net Operating Loss deduction when filing their Pennsylvania taxes. Only large businesses can use this deduction. I
Also a technical change would be made to allow small businesses to have access to the same Section 179 deductions as large businesses. A Section 179 deduction is one that can be made toward a business’s tax liability when the business purchases new property, equipment or even software.
State Rep. Jim Cox (R-129) reports that the Pennsylvania Legislature is considering changes to the tax code to benefit small business.
If jim really wants my respect he should considered term limits.