|Posted:||April 21, 2021 12:19 PM|
|From:||Senator Wayne D. Fontana and Sen. Vincent J. Hughes|
|To:||All Senate members|
|Subject:||Small Business Tax-Deferred Savings Accounts|
Every year since 1963, the President of the United States has issued a proclamation announcing National Small Business Week, which recognizes the critical contributions of America’s entrepreneurs and small business owners. The week of May 3 through May 9 is “Small Business Week” in Pennsylvania. Small businesses are the economic backbones of our communities and are credited with employing 2.5 million employees in the commonwealth.
For this reason Senator Hughes and I plan to reintroduce Senate Bill 672 from last session to create Small Business tax-deferred savings accounts. This proposal would allow any small business in Pennsylvania to deposit profits into a small business tax-deferred savings account, subject to annual limits. The monies in Small Business tax-deferred savings accounts will be permitted to be withdrawn tax free when they are expended for qualifying small business expenditures that will create full time jobs.
This proposal will provide an innovative tool which will improve the competitiveness and productivity of small businesses leading to the creation of full-time jobs in Pennsylvania.
We hope you will consider co sponsoring this small business friendly bill.
Introduced as SB779