Pa. House OKs Bill Closing Corporate Tax Loophole

Law360, Philadelphia (July 2, 2013, 5:54 PM EDT) -- The Pennsylvania House of Representatives on Monday approved legislation aimed at closing the “Delaware loophole," which allows corporations to transfer assets to out-of-state holding companies to minimize tax obligations, marking a key step towards the bill's ultimate passage.

The chamber passed the measure, House Bill 465, with a 119-to-83 vote — thus paving way for a likely final approval by the state Senate, which gave broad support to an earlier version of the bill.

“My legislation closes tax loopholes that have cost Pennsylvania millions in lost...
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