to Help Small Businesses
April 16, 2014
at an April 15 press conference in the state Capitol, Senator Scott Hutchinson
announced plans to introduce legislation intended to help Pennsylvania’s small
businesses expand and grow.
Hutchinson’s bill will increase the cap on the annual deduction for capital
expenditures to $100,000 for state tax purposes. Pennsylvania currently caps
that deduction at $25,000 per year.
is not a major jump, especially when you take into account the potential costs
facing the small business as it looks to modernize or grow,” Senator Hutchinson
said. “However, it may be small measure of financial relief that will encourage
a small business owner to move forward, to make that important investment that
ultimately means the difference between prosperity and shuttering the shop.”
Hutchinson’s measure is part of a three-bill legislative package that will be
introduced in the Senate and the House of Representatives.
the Commonwealth invests in these businesses, it is an investment that
strengthens the economic fiber of our communities and, directly or indirectly,
sustains the quality of life for us all,” Senator Hutchinson said. “I look
forward to working with my colleagues in the Senate and the House to move my
bill and the other bills in this tax reform package through the legislative
process and onto the Governor’s desk.”