Bill Would Allow Like-Kind Exchanges for State Taxes

Legislation supported by Pennsylvania Farm Bureau that would allow Pennsylvania farms and businesses to use the tax advantages of like-kind exchanges for state taxes is advancing in the General Assembly.

The state Senate Finance Committee voted 9-2 to send Senate Bill 347 to the full chamber for consideration. The legislation, sponsored by Sen. John DiSanto of Dauphin County, would bring state tax law in line with federal policy by businesses and farms the use of like-kind exchanges for the purchase of personal property.

Pennsylvania is the only state that does not allow like-kind exchanges at the state level.

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