Small businesses make a big impact on our economy, our communities, and our way of life. According to the U.S. Chamber, small businesses employ nearly half of the American workforce, representing 43.5 percent of America’s GDP. The PA Chamber is proud to represent thousands of small businesses statewide across a broad spectrum of industries. We join our friends at the U.S. Chamber and local chambers in working to give these employers the fighting chance they deserve to succeed.
The PA Chamber supports small businesses by advocating for public policies that will boost their bottom line and help them create jobs, expand their economic footprint, and become a stable presence in their communities.
A PA Chamber top priority is improving Pennsylvania’s tax climate to attract and retain business. That includes improving the treatment of Net Operating Losses. Pennsylvania is one of only two states that punishes companies by capping at 40 percent the amount of losses they can carry forward to offset their taxable income. This punitive policy hits cyclical and startup businesses especially hard. To address this issue, we are leading efforts to either uncap the amount of losses that can be carried forward or bring state law in line with the federal rule of 80 percent.
And, while we use data-driven advocacy to make the case for our pro-growth tax reform, the best advocates are businesses themselves. In a recent interview, we asked small business owners in West Chester their thoughts on recently introduced legislation, the so-called “Fair Share Tax Plan,” which would quadruple tax rates for the nearly 180,000 small businesses operating throughout Pennsylvania – from the current rate of 3.07 percent to a staggering 12 percent – a 300 percent increase!
We are leading the pushback against this ill-advised plan on behalf of the entrepreneurial champions who work to infuse jobs and economic capital into their communities every day. In addition to fighting for pro-growth public policies and battling against legislation that would hurt small businesses’ bottom line, we encourage our members to shop small and encourage their employees, friends, and neighbors to do the same!
To our small business members – THANK YOU for all you do to infuse culture, community, and economic vitality into Pennsylvania’s way of life. Our Commonwealth is the amazing place it is in large part because of the work you do, the jobs you create, and the goods and services you offer. We look forward to continuing to work with you as we strive to build a brighter business future that will encourage you and every Pennsylvanian to live, work, play, and STAY here for generations to come.
Happy National Small Business Month!