News & Analysis as of September 20, 2024

Income Taxes › Pennsylvania

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

PA Excludes Dependent Care Assistance from Taxable Income

Ballard Spahr LLP on 3/18/2024

The Commonwealth of Pennsylvania changed its tax treatment of assistance that employers provide for dependent care services – including dependent care flexible spending accounts. Retroactive to January 1, 2023, Pennsylvania...more

Pennsylvania Amends Tax Treatment of Grantor Trusts As of January 1, 2025

Cozen O'Connor on 1/10/2024

Starting January 1, 2025, the individual who is the grantor of a trust that qualifies as a grantor trust under Sections 671 through 679 of the Internal Revenue Code will himself or herself be subject to Pennsylvania Personal...more

PA Supreme Court Holds that Philadelphia Taxpayer may not Claim City Wage Tax Credit for Taxes Paid to Another State

Ballard Spahr LLP on 12/1/2023

In a 3-2 decision in Zilka v. Tax Review Board, the Pennsylvania Supreme Court upheld the Commonwealth Court and sided with the City of Philadelphia Department of Revenue in a case addressing whether a City resident was...more

Pennsylvania Legislation Provides Updates to Corporate Income Tax Law

Pillsbury - SeeSalt Blog on 8/31/2022

The Pennsylvania Governor signed H.B. 1342 to enact changes to the state’s corporate income tax. The legislation modifies the corporate income tax in three ways: (1) adopts a bright-line economic nexus standard; (2) adopts...more

Pennsylvania Enacts Record Tax Reform

Cozen O'Connor on 7/27/2022

Pennsylvania’s 2022-2023 budget, Act of Jul. 8, 2022, P.L. __. No. 53 (Act 2022-53) (HB 1342) implements sweeping tax reform and revises some of Pennsylvania’s most business-unfriendly tax provisions. The bill will:.....more

Pennsylvania Cuts Corporate Tax Rate, Makes Other Changes to Corporate Tax Law

McDermott Will & Emery on 7/15/2022

Pennsylvania Governor Tom Wolf has signed into law omnibus tax legislation to implement the Commonwealth’s fiscal year 2022 – 2023 budget. Among other things, the enacted legislation: (1) cuts the corporate net income tax...more

States Clarify Personal Income Tax Treatment Related To PPP Loan Forgiveness

White and Williams LLP on 2/1/2021

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) and the recently enacted Consolidated Appropriations Act, 2021 (CAA) addressed tax issues related to the forgiveness of a Paycheck Protection Program (PPP)...more

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