A number of bills to enhance job creation in Pennsylvania were included in the recently signed 2013-14 state budget package. One of the measures eliminates the inheritance tax on family-owned businesses that are transferred upon death to surviving family members. Another provision offers relief from the corporate loans tax on in-state business loans, which impacts nearly 7,000 companies. In addition, a program was authorized to expand investment in high-tech industries by providing at least $75 million in funding.
Last week, the governor signed legislation into law that closes the Delaware loophole and implements comprehensive business tax reforms for Pennsylvania job creators. The new law closes the loophole by targeting specific transactions that some businesses use for the sole purpose of avoiding taxation in the Commonwealth. These reforms seek to make our state a better place to do business and create jobs.