Representative Stephen Bloom
Pennsylvania House of Representatives
Media Contact: Abbey Fosnot
RepBloom.com / Facebook.com/RepBloom/Twitter.com/RepBloom
FOR IMMEDIATE RELEASE
January 10, 2013
Bloom Reintroduces Legislation to Protect Family Enterprises,
End Death Tax on ‘Mom-and-Pop Shops’
HARRISBURG – In an effort to encourage "mom-and-pop shops" to continue to create jobs for the citizens of Pennsylvania, Rep. Stephen Bloom (R-Cumberland) has reintroduced a bill to prevent family-owned businesses from being punished with death taxes during generational transitions.
House Bill 48 would eliminate the Pennsylvania inheritance tax on assets of family-owned business enterprises being transferred upon death to other family members.
"Pennsylvania’s death tax essentially imposes a tax on the first dollar of value of a business passing from a deceased family member to another family member," Bloom said. "This has forced many families to sell off essential business resources just to pay the tax, and it forces some families to leave the business altogether. This is an unnecessary loss to our economy and our next generation of job creators."
Bloom said he originally introduced the legislation last session in response to Governor Tom Corbett’s Manufacturing Advisory Council recommendations for encouraging job growth in Pennsylvania’s manufacturing sector.
"People work hard to start and grow these family businesses, and these family businesses create 65 percent of Pennsylvania jobs. It’s time to stop punishing the success of our most productive employers. We should be encouraging them to keep growing the jobs our citizens need."
Bloom added that he remains in support of legislation which seeks to more broadly reduce or eliminate Pennsylvania’s inheritance tax.
"The tax burden in Pennsylvania is still far too high, and these high taxes keep driving businesses out of our Commonwealth," said Bloom. "This bill is a viable step toward lessening the immediate economic damage the tax inflicts on jobs and our business climate."
House Bill 48 currently has more than 60 bipartisan cosponsors and has been referred to the House Finance Committee for consideration.
# # #
If you no longer wish to receive or would like to update, click here