PA Tax Law News -- July 2013

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In This Issue:

PA Capital Stock/Franchise Tax Phase-Out Deferred; PA Board of Finance and Revenue Reconstituted as Independent Tax Tribunal; Annual PA Property Valuation Appeals Due Soon; Telecom Gross Receipts Tax Decision Issued

Excerpt from PA Capital Stock/Franchise Tax Phase-out Deferred; Related Party Addback Enacted; Numerous Other Tax and Credit Changes Made -

On June 30th Governor Corbett signed a $28.4 billion state appropriations package which provides modest increases in some areas and flat funding in others. Although the popular press suggested that the budget included no general tax increases, the Tax Reform Code amendment bill (HB 465) passed by the General Assembly on July 3 and signed by the Governor on July 9, certainly will seem like a tax increase for many companies doing business in Pennsylvania.

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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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