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PA HB217

Bill

Official Source

Status

Introduced

1/22/2025

Primary Sponsor

Thomas Kutz

Click for details

Origin

House of Representatives

2025-2026 Regular Session

AI Summary

  • Amends Pennsylvania's Tax Reform Code of 1971 to allow taxpayers to deduct net business losses from other classes of income in the same tax year
  • Permits a deduction equal to the net loss from operating a business, profession, or other activity against other income categories
  • Updates statutory references to federal Internal Revenue Code section 26 U.S.C. § 195(b)(1)(A) regarding start-up expenditure deductions
  • Applies to tax years beginning after December 31, 2025
  • Takes effect immediately upon enactment

Legislative Description

In personal income tax, further providing for classes of income.

Last Action

Referred to Finance

1/22/2025

Committee Referrals

Finance1/22/2025

Full Bill Text

No bill text available