Pennsylvania SB225 amends eminent domain laws to include compensation for loss of goodwill in business property acquisitions.

Pennsylvania SB225 amends Title 26 of the Pennsylvania Consolidated Statutes to include compensation for loss of goodwill in business property acquisitions. The bill defines goodwill as benefits accruing to a business from its location, cultural heritage, reputation, and other factors. Business owners must prove the loss is due to the property taking and that compensation will not be duplicated. The acquiring agency can rebut compensation if the loss could have been prevented. If a leaseback agreement is made, it does not affect goodwill determination.

Pennsylvania SB225 amends eminent domain laws to include compensation for loss of goodwill in business property acquisitions.

Pennsylvania SB225 amends Title 26 of the Pennsylvania Consolidated Statutes to include compensation for loss of goodwill in business property acquisitions. The bill defines goodwill as benefits accruing to a business from its location, cultural heritage, reputation, and other factors. Business owners must prove the loss is due to the property taking and that compensation will not be duplicated. The acquiring agency can rebut compensation if the loss could have been prevented. If a leaseback agreement is made, it does not affect goodwill determination.