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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