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https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20170&cosponId=22257
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House of Representatives
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: January 18, 2017 03:34 PM
From: Representative Stephen Bloom
To: All House members
Subject: Request IFO Study Regarding Like-Kind Exchanges
 

In the near future I will be introducing a resolution instructing the Independent Fiscal Office (IFO) to perform a dynamic analysis of the overall economic benefit and tax revenue impact of eliminating Pennsylvania’s tax on like-kind exchanges.

A like-kind exchange allows a taxpayer to defer current recognition of gains and losses when selling and acquiring a replacement property. Pennsylvania is currently regarded as the most business-unfriendly state when it comes to like-kind exchanges. All other states with an income tax regime follow the Federal tax code, which provides for nontaxable like-kind exchanges (section 1031 exchanges), or have adopted their own like-kind exchange provision. Hence, my request for the Independent Fiscal Office (IFO) to perform this analysis.

Please join me in cosponsoring this important resolution.