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Midstate lawmaker pushes eliminating PA's 'death tax' for small businesses

Written by Craig Layne and Radio Pennsylvania | Mar 3, 2013 6:57 AM
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(Harrisburg) -- A midstate lawmaker is pushing to eliminate the so-called "death tax" for Pennsylvania's family businesses.

State Representative Stephen Bloom says his proposal would cost the state about nine million dollars in annual revenue.

However, the Cumberland County Republican says eliminating inheritance taxes on businesses will boost economic activity statewide.

"When we tax these assets in a small business, for example, at the death of one of the principal owners, oftentimes what happens practically speaking, is critical business assets have to be liquidated in order to pay the tax bill," Bloom says.

Opponents say the measure creates new loopholes and inequities in the system with no offsetting revenue.

Bloom's bill advanced out of the House Finance Committee and has been re-referred to the Appropriations Committee.

Bloom made his comments on witf's Radio Smart Talk.

Published in Cumberland County, News

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