Mako Bill to Remove Capital Stock and Foreign Franchise Taxes Language from Law Passes House
HARRISBURG – The House today approved legislation written by Rep. Zach Mako (R-Lehigh/Northampton) to remove the assessment methodology from state law for the Capital Stock and Foreign Franchise Taxes (CSFFT).
The bill is part of an eight-piece package of legislation designed to repeal antiquated laws that are no longer applicable and contribute to the already complex and confusing nature of government. The CSFFT was eliminated on Jan. 1, 2016.
“While the Capitol Stock and Foreign Franchise Taxes are no longer collected, some may be confused that the explanation of how they are calculated is still in state law.” Mako said. “My bill would eliminate this unneeded language. It is important to periodically make sure contradictory laws are repealed to avoid misunderstandings.”
House Bill 1080 would repeal Act 177 of 1927, which created a more equitable method of assessing the CSFFT against corporations, limited partnerships, joint stock associations and companies. Act 23 of 2000 began the eventual phase out of the CSFFT.
The bill now goes to the Senate for its consideration.
The 183rd District includes South Whitehall (part), Washington and Whitehall (part) townships and Slatington Borough in Lehigh County. It also consists of Allen, Lehigh and Moore (part) townships, and North Catasauqua, Northampton and Walnutport boroughs in Northampton County.
Representative Zachary Mako
183rd Legislative District
Pennsylvania House of Representatives
Media Contact: Tracy Polovick
717.260.6358
tpolovick@pahousegop.com
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