|
For Immediate
Release
3/28/07
CONTACT:
Lesley Crozier
(717) 787-1349
PA
Senate Republican Communications
(717) 787-6725
Finance Committee Approves Eminent Domain Measure
Senator Browne's bill would defer tax if gains are reinvested
The Senate Finance
Committee today endorsed a bill introduced by its Chairman, Senator Pat Browne,
which would provide conditions for the deferment of taxes on gains resulting
from eminent domain transactions.
"This bill would
provide relief to those property owners who realize a gain on an eminent
domain transaction," Senator Browne said. "As it stands now, those
property owners lose twice. First, they involuntarily lose their
property and then they are taxed if they realize a gain on the
transaction. Senate Bill 342 would remedy that."
SB 342 would
amend the Tax Reform Code to adopt the provisions of Internal Revenue
Code §1033 with respect to involuntary conversions of property. When
property is converted involuntarily and a gain results, recognition of
that gain may be deferred to the extent that the gain is reinvested in
other property that is similar or related in service or use to the
converted property.
 Print this page
E-mail
this page
|
