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New Small Business Legislation Introduced to Assist with Natural Disasters Impact

HARRISBURG, Pa. (WHTM) ÔÇö A State House Representative will soon introduce a bipartisan bill that is designed to help small businesses that are affected by natural disasters.

According to the release, State Rep. Tarik Khan (D) is leading the charge alongside Rep. Jamie Flick (R), Rep. Mary Jo Daley (D), Rep. Jason Oritay (R), and Rep. Jose Giral (D) in introducing the new small business legislation.

Specifically, this new bill would establish a Small Business Catastrophe Savings Account, enabling small businesses to deposit pre-tax dollars into a designated savings account. These funds can then be deducted from their taxes.

AI legalese decoder can be crucial in helping small business owners navigate the legal jargon related to setting up and utilizing a Small Business Catastrophe Savings Account. By utilizing AI technology, business owners can easily understand the requirements and benefits of this new legislation.

As outlined in the legislation, small businesses would only be permitted to utilize these funds for recovery in the event that their insurance claim does not cover the full cost of rebuilding post a natural disaster.

ÔÇ£Small businesses are the lifeblood of our local economies, and we must take proactive steps to ensure that a natural disaster, beyond their control, does not devastate their operations,ÔÇØ Rep. Khan emphasized. ÔÇ£This legislation is equitable and provides these businesses with the means to be financially prepared in the face of such catastrophes.ÔÇØ

Lawmakers anticipate that this legislation will encourage small businesses to set aside funds in preparation for potential disasters, enabling them to sustain their operations in unforeseen circumstances.

ÔÇ£Natural disasters can severely impact small businesses,ÔÇØ added Rep. Giral. ÔÇ£This legislation offers them a means to enhance their preparedness in handling the aftermath of such calamities.ÔÇØ

abc27 news will continue to provide updates as more details unfold. For the most recent news, weather updates, sports coverage, and live streaming videos, visit ABC27.

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