This legislation would amend the Tax Reform Code by clarifying that any goodwill filed by banks with the Federal Deposit Insurance Corporation is excluded from the bank shares tax calculation. 

Goodwill is an intangible asset added to a balance sheet when any company acquires another business in a transaction at a price higher than the net fair value.  While goodwill has historically been allowed as a deduction from total bank equity in order to calculate a financial institution’s tax liability under the bank shares tax, the Department of Revenue has recently denied goodwill deductions that involve combinations of bank holding companies which result in the combination of subsidiary banks. This impacts the vast majority of mergers, resulting in a tax increase, a competitive disadvantage for Pennsylvania banks, and a growth constraint for businesses and consumers.  Every $1,000 paid in tax could be leveraged to provide $10,000 in loans.

This legislation increases criminal penalties against individuals who knowingly trespass onto and vandalize critical infrastructure facilities.

Assets such as water treatment facilities, energy facilities, pipelines, telecommunications, dams, ports, and manufacturing facilities are vitally important to the well-being of our economy and to the health and safety of our citizens.  It is important that we take reasonable measures to protect these assets.

Requires legislative approval of proposed economically significant regulations that would impose more than $1 million in costs. 

Agencies have adopted burdensome regulatory requirements that impair the state’s competitiveness. This legislation provides for an additional check on rulemakings that raise costs on the business community. 

This legislation would improve administration of the Unemployment Compensation law’s work search requirement. Unemployment compensation claimants are generally required to actively search for work, apply for and accept geographically convenient positions in their field. Unfortunately, employers report interviewing job candidates who admit they are only applying to comply with the work search requirement and often fail to show up for job interviews or work, known as “ghosting.”

SB 1109 would clarify UC eligibility standards to codify that an individual is not eligible for benefits if they discourage their own employment.  This legislation would not impact the vast majority of UC claimants who are utilizing the program appropriately and actively seeking employment.

Pennsylvania  employers of all sizes and industries continue to report difficulty finding individuals to fill open positions.  This workforce crisis is holding back Pennsylvania’s economy and employers are looking to lawmakers to advance policies that encourage people into the workforce.

The PA Chamber has supported Clean Slate as one part of this broad workforce strategy.  The first iteration, Act 56 of 2018, provided that Pennsylvanians with old criminal records for certain nonviolent summary and misdemeanor offenses could have those records automatically sealed if they remained crime free.  H.B. 689 would expand Clean Slate to certain nonviolent drug-related felonies if the individual has remained crime-free for 10 years. The law also includes key liability protections for employers, which addressed legitimate concerns raised by the business community.

Pennsylvanians who have benefited from Clean Slate report that it encourages people to reenter the workforce, seek employment, and apply for jobs and promotions.  We believe those expressing these sentiments. This population represents a potentially vast pool of under-tapped talent in Pennsylvania.

Establishes an office of Organized Retail Crime Theft within the Attorney General’s office to investigate and prosecute cases of organized retail theft.  The new law also lowers the existing thresholds for felony offenses.  The threshold for a third-degree felony was cut in half, from $5,000 to $2,500 of goods in possession of a retail theft organization, while the threshold for a second-degree felony was also cut in half, from $20,000 to $10,000.  A new first degree felony offense was also established for a retail theft organization in position of more than $50,000 in goods. 

According to the U.S. Chamber of Commerce, retail crime costs businesses in Pennsylvania over $7.7 billion in lost product costs, higher insurance, increased price of goods, and unrealized wages and accounts for over $1.2 billion in lost tax revenue to the state and local governments.