Democrat Tom Wolf Reports $2.2M in 2012 Income

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    NEWSLETTERS

    AP
    York businessman Tom Wolf during a Democratic gubernatorial candidates forum Tuesday Feb. 4, 2014 in Philadelphia.

    Tom Wolf, a Democratic candidate for governor who took out a multimillion-dollar loan to help finance his campaign, reported nearly $2.2 million in adjusted income in 2012, according to the two pages of his 2012 tax return he released Thursday.

    Wolf, who owns a building materials distributor, declined to release the rest of his 2012 tax return after seeking an extension for 2013 and instead made those roughly 120 pages available to reporters to view at the office of a campaign adviser.

    The Associated Press asked each of six major party gubernatorial candidates, four Democrats and two Republicans, to release their entire tax returns for 2013 or for 2012 if they had sought extensions. The request was made last week, and candidates were given until the end of Tuesday to respond.

    Two Democrats, U.S. Rep. Allyson Schwartz and former state environmental protection Secretary Katie McGinty, released their entire 2012 returns on Tuesday. Both had sought extensions for 2013.

    Republican Gov. Tom Corbett and Democratic state Treasurer Rob McCord had yet to release their tax returns by Thursday evening. Republican Bob Guzzardi, who is challenging Corbett in the primary, declined to release his. He said Thursday that there is too much private information his tax return and that some of the information involves third parties.

    Wolf might easily be the wealthiest of the candidates after taking over his family-owned business with two cousins in the 1980s and running it for much of the past three decades.

    In 2012, Wolf reported $263,000 in taxes and $586,000 in deductions and exemptions.

    His income included $1.53 million from dividends, mostly from North Lime Holdings Corp., a private holding company that owns a network of specialty construction contractors; $281,000 in salary from the York-based company he leads, the Wolf Organization; $237,500 in interest, largely from the Wolf Organization and North Lime Holdings; $110,000 from his stake in a real estate partnership, Saginaw Partners; $77,000 from two companies where he serves on the board, Irex Corp. and Glatfelter Insurance Group; and $41,500 in pension or annuities.

    Wolf has declined to give out a copy of the agreement for the $4.45 million loan he drew in December to help fund his campaign. Rather, like his tax return, he has made it available for reporters to view while releasing certain details about it.

    The 3.18 percent term note is due Dec. 31, 2016, and, as collateral, pledges nearly 14 million shares of Wolf Organization stock.

    Wolf is not the only candidate who has sought to boost his campaign with some sort of loan. McCord has reported more than $2 million in unpaid debts to his campaign, including loans from himself and wealthy supporters, while McGinty has reported loaning her campaign $535,000 of her own money.

    All told, fundraising by the candidates for Pennsylvania governor had approached the $40 million mark by April 1, according to reports filed with the state elections bureau.

    The primary election is May 20.