Representative Stephen Bloom
Pennsylvania House of Representatives
Media Contact: Abbey Fosnot
RepBloom.com / Facebook.com/RepBloom/Twitter.com/RepBloom
FOR IMMEDIATE RELEASE
June 24, 2013
Mom-And-Pop Shops One Step Closer to Relief from Death Tax in Pennsylvania, Says Bloom
HARRISBURG – After receiving unanimous support in the House of Representatives today, Rep. Stephen Bloom’s (R-Cumberland) legislation (House Bill 48) to eliminate the Pennsylvania inheritance tax on family-owned businesses will now advance to the Senate for consideration.
"This unnecessary tax is destructive to the Commonwealth’s overall job climate and our ability to attract and grow successful family businesses," Bloom said. "These ‘mom-and-pop shops’ create 65 percent of Pennsylvania jobs, but the death tax hits them hard at the most vulnerable time, too often forcing liquidations, layoffs and even closures."
Bloom noted that his bill, which focuses on ending the Pennsylvania inheritance tax on family business assets transferred upon death to other family members, was introduced in response to the Pennsylvania governor’s Manufacturing Advisory Council recommendations for encouraging growth in Pennsylvania’s manufacturing sector.
"Ultimately, this bill is about establishing a level-playing field for the most vital part of Pennsylvania’s job-producing economy," said Bloom. "Without our family-owned enterprises, our local and state economies would be in jeopardy, and it’s long past time to stop crushing them with punitive taxes."
Bloom’s "war on the Pennsylvania inheritance tax" began last session when he championed provisions, which were signed into law as part of the 2012-13 state budget, eliminating inheritance taxes on the transfer of farm commodities when the assets are passed on to a surviving sibling or child.
Organizations actively supporting the bill include the National Federation of Independent Business, the Pennsylvania Manufacturers’ Association, the Pennsylvania Chamber of Business and Industry and the Pennsylvania Farm Bureau.
To watch Bloom’s House floor remarks on House Bill 48, visit Youtube.com/RepBloom.
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