Community Banker Alert

The proposal to include financial services under the Pennsylvania sales tax is still alive. The state Senate has passed a tax reform proposal that does NOT expand the sales tax. The House is faced with the choice of adopting the Senate plan or moving forward with their own plan that may include taxation of financial services.

It is absolutely imperative that each PACB member contact your House member(s) TODAY and ask them to oppose expanding the state sales tax to include financial services. Even if you have made this contact already, please do so again. With Christmas fast approaching, the House needs to make a decision on its direction on tax reform, which will likely occur today or tomorrow. We must generate a huge outpouring of grassroots opposition to this sales tax expansion. As we have indicated previously, expansion of the sales tax will cost you and your customers dearly and you will be burdened with an enormous administrative chore of collecting the tax and paying it for professional services you engage including legal and accounting services. And interpretation of any new tax would rest with the bureaucrats in the Department of Revenue.

Please make your contact today. If you need any further information from PACB on this issue, or contact information for your House member(s), please contact us immediately.

Thank you for your immediate attention to this matter.