PA Tax Law News -- July 2012

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In This Issue:

PA Adopts Business Friendly Budget & Tax Changes; Pennsylvania Changes Position on Taxation of "Cloud Computing"; Recent PA Sales Tax Guidance Concerning Natural Gas and Other Mining Activities; Computation of Interest on IFTA Audit Deficiencies; and Real Estate Assessment Appeals.

Excerpt from PA Adopts Business Friendly Budget & Tax Changes

The General Assembly and Governor Corbett have approved a state budget for 2012-13 which restrains state spending while preserving the scheduled phase-out of the Capital Stock and Franchise Taxes, moving to Single Sales Factor apportionment of the Corporate Net Income Tax, preserving the vendors’ allowance for Sales Tax collection, adopting a $1.65 billion credit to promote development of businesses in the Marcellus Shale Gas area and making a significant number of other substantive and procedural changes.

Please see full issue below for more information.

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Published In: General Business Updates, Energy & Utilities Updates, Finance & Banking Updates, Residential Real Estate Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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