HARRISBURG, Pa. (AP) — 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 offered to make those 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 return for 2013, or 2012 if they had sought an extension. 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 Wednesday. Both had sought an extension for 2013.
Republican Gov. Tom Corbett and Democratic state Treasurer Rob McCord had yet to release their tax returns by midday Thursday. 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.
In 2012, Wolf reported $263,000 in taxes and $586,000 in deductions and exemptions.
Income included $1.5 million from ordinary dividends, $281,000 in salary, $237,500 in interest, $41,500 in pension or annuities and $61,155 from other sources such as real estate, royalties, trusts or businesses ownerships.
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 stock — 7.5 million preferred B shares and 6.2 million common shares — in the York-based company he leads, the Wolf Organization.
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.