|Posted:||April 13, 2017 07:04 PM|
|From:||Senator Jake Corman|
|To:||All Senate members|
|Subject:||Taxpayer Offset – One class gains and losses to be offset against another class|
|In the near future, I plan to introduce legislation to allow Personal Income Tax (PIT) gains or losses in one class to be offset against another.
Under section 303 (a) of the Tax Reform Code of 1971, the PIT is levied against eight classes of income. A loss in one class of income may not be offset against income in another class. This is more restrictive than federal tax calculations allow.
I believe this proposal will reverse the loss of job creators in Pennsylvania and will directly lead to job growth by creating a more fair tax system.
If you have any questions with regard to this co-sponsorship, please contact my office.