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SMALL BUSINESS SEEKS TAX RELIEF

 PITTSBURGH, July 23 /PRNewswire/ -- Small business owners across Pennsylvania are urging the state legislature to consider loss/carry forward legislation in the next session.
 "We'd like to see this legislation a top priority," said Leo R. McDonough, president of TEC/Pennsylvania Small Business United. We also want to publicly thank state Rep. Joseph Markosek (D-25th District) for listening to small business owners and responding with a concrete proposal for much-needed tax relief." McDonough stated that his group is behind Markosek's bill to reinstitute the Loss/Carry Forward exemption. Pennsylvania is currently the only state without this tax exemption which was eliminated in the Commonwealth two years ago. "It has really hurt small business," McDonough said, "at a time when they were just recovering from the recession."
 McDonough said that Markosek's bill (H.R. 1689) would phase in the provisions for deduction of losses. Losses in tax years 1991-1993 would be allowable at 50 percent and then at 100 percent for losses incurred in years thereafter.
 "Mr. Markosek believes this phased-in approach will minimize the fiscal impact and make it easier to pass the legislation," McDonogh said. The bill currently has 17 co-sponsors and is creating a groundswell of support among members of the Pennsylvania legislature. "Naturally we'd like to see 100 percent but, if that is not politically feasible, we'll consider the 50 percent allowance for the first two years. We believe this legislation is the beginning of much-needed tax reform for Pennsylvania's businesses and we intend to lobby aggressively for its passage," McDonough said.
 TEC/Pennsylvania Small Business United provides grassroots lobbying, education and management training programs, research, networking and low-cost services to its 4,000 member companies in Pennsylvania, Ohio and West Virginia. TEC/PSBU, representing companies with 100,000 employees, has offices in Pittsburgh and Harrisburg.
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 /CONTACT: Mary Heindi of the TEC/Pennsylvania Small Business United, 412-371-1500/


CO: TEC/Pennsylvania Small Business United ST: Pennsylvania IN: SU: LEG

MJ-CC -- PH025 -- 5309 07/23/93 16:47 EDT
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Date:Jul 23, 1993
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