Short Title: An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in personal income tax, further providing for classes of income.
Prime Sponsor: Senator FOLMER
Last Action: Referred to FINANCE, May 18, 2017 [House]
Like kind exchanges - Prime: Senator Folmer (previously Folmer, Eichelberger, Hutchinson, Scavello, White, Ward, Vulakovich, Alloway, McIlhinney, Teplitz, Rafferty, Boscola, Brooks, Aument, Bartolotta, Stefano, Browne, Blake, and Dinniman) would mirror Pennsylvania law to federal, removing a disadvantage Pennsylvania small businesses face when competing with those in other states.
Under Federal tax law, a “like-kind” exchange under Internal Revenue Code Section 1031 allows for tax-deferral when property is exchanged for similar property. This long-standing Federal provision facilitates efficient investment in the job-creating assets businesses need to remain competitive. Every state but Pennsylvania provides for a similar deferral on the state level (current Pennsylvania tax law contains no such provision).
If you have any questions regarding the Like kind exchanges legislation, please contact Michaele Totino in Senator Folmer's office at 787-5708 or [email protected].
PAPRA Supports This Legislation
Link to Legislation: SB201