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May 8, 2024 · The Senate GOP's tax legislation would reduce the personal income tax rate from 3.07% back to the 2.8% level where it was before lawmakers in 2003 raised it to fill a deficit amid a foundering ...
- 2022 Pennsylvania Tax Reform #1 – House Bill 1960
- 2022 Pennsylvania Tax Reform #2 – House Bill 385
- 2022 Pennsylvania Tax Reform #3 – House Bill 2277
- About The Author
House Bill 1960 is designed to “lower the Corporate Net Income Tax (CNIT) and provide additional tax relief to job creators,” according to a House release. The legislation would reduce the CNIT tax rate from 9.99 percent to 8.99 percent for tax years 2023 and thereafter and provides a trigger mechanism to further reduce the tax rate to 7.99 percent...
House Bill 385 applies to Pennsylvania’s personal income tax. It would allow for the tax deferral of like-kind exchanges as currently permitted under Section 1031 of the Internal Revenue Code. Under federal rules, the recognition of a gain or loss on the disposition of property can be deferred when the property was used for productive use in a trad...
House Bill 2277 eliminates the requirement for licensees with tax liability for the third quarter of the preceding year equal to or exceeding $25,000 to file a return and remit accelerated sales tax prepayments. The bill also passed the House unanimously and is headed to the Senate. The tax breaks follow a pattern emerging across America, apparentl...
Bryan Holm is a Manager in the Cherry Hill, NJ office of HBK CPA’s and Consultants. He joined the firm in 2021 as a member of the HBK State and Local Tax (SALT) team. His background includes work with top 10 accounting firms. Prior to specializing in state and local taxation, Bryan worked in tax resolution for the Internal Revenue Service. He has s...
- Justin Sweitzer
- It would speed up the state’s corporate tax reduction. In the 2022-23 budget, lawmakers and Gov. Tom Wolf reached agreement on a plan to gradually lower the state’s 9.99% Corporate Net Income Tax rate to 4.99% by 2031.
- It establishes an Earned Income Tax Credit. The bill would also create a state-level Earned Income Tax Credit that would allow taxpayers to apply a credit equal to 25% of their federal Earned Income Tax Credit against their personal income tax liability.
- It expands the state’s Film Production Tax Credit. One of the GOP’s chief criticisms of the bill is that it expands an existing tax credit – the Film Production Tax Credit – which is already aimed at encouraging movie production in the commonwealth.
- Democrats say the bill will grow the economy. Democrats, who advanced HB 1219 with a narrow, party-line vote, touted the legislation as a plan that will give the state’s economy a boost.
May 7, 2024 · Pa. Senate approves GOP’s $3B tax-cutting plan over Democrats’ objections. Republicans said the cuts would be the largest in the state’s history. Democrats warn that the Senate GOP’s tax bill won't pass in the Democratic-controlled House.
People also ask
Do Republicans like the child & dependent care enhancement tax credit?
Do Washingtonians vote in Congress?
Could combined reporting prevent corporations from shifting profits out of Pennsylvania?
Why did Congress strip DC's voting rights?
Mar 24, 2021 · Why does DC want statehood? "Taxation without representation" is on D.C. license plates because residents pay taxes but are not represented with a vote in Congress.
Mar 19, 2021 · Reorder that list by federal taxes paid per person, and Washington finishes first. But unlike residents of the 50 states, Washingtonians are unrepresented in Congress. They have no senators,...
Nov 2, 2023 · The envelopes bore the return address of the tax collector in question along with the address of their formal office. Within these letters, both tax collectors advocated for the election of Sherry Labs, the Republican nominee for county treasurer. Additionally, Carr’s letter included a plea to constituents to support the remaining Republican candidates for va
