A local lawmaker is continuing to advance legislation that would provide retirement savings and stock ownership for employees while keeping businesses in Pennsylvania with a tax free exit option.
State Representative Daryl Metcalfe has advanced House Bill 285 out of the House Finance Committee earlier this week.
This bill would apply certain provisions of the federal tax code at the state level to allow tax breaks for some business owners who sell stock to an Employee Stock Ownership Plan, or ESOP. Metcalfe notes that employees would not pay anything for this benefit.
This bill will next advance to the full House for consideration.