PA Tax Law News - Spring 2014

In This Issue:

- OUCH! Do PA Revenue Shortfalls Foretell PA Tax Increases?

- County Property Assessment Appeals Deadlines Approaching!

- McNees Attorneys Goodman and Varner Author 2014 Edition of Assessment Law & Procedure in Pennsylvania

- Local Business Privilege Taxes Limited

- PA Senators Continue Pushing to Replace School Property Taxes with Expanded Personal Income & Sales Taxes

- New Corporation Tax Notices and Statements I Exemption for Construction of Water and Sewer Lines

- Net Loss Litigation

- Excerpt from OUCH! Do PA Revenue Shortfalls Foretell PA Tax Increases?:

After April General Fund revenues painfully fell short of April 2013 revenues, and well short of the official revenue forecast, Pennsylvania’s year-to-date General Fund shortfall now exceeds $400 million and is forecast to exceed $500 million by the end of the 2013-14 fiscal year. Looking ahead to the budget for 2014-15, which must be passed by June 30, the Commonwealth faces a very large gap between the Governor’s proposed budget and forecast revenues. Many observers have been saying for some time that, with 2014 being an election year for Governor as well as the House and half of the Senate, no tax increases would be enacted this year. However, one can only think that all bets are now off. At this point we can only speculate where the revenues will come from but it is time for all Pennsylvania taxpayers to watch the legislative budget process closely and stay in touch with your state representatives and senators.

Please see full newsletter below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Topics:  Corporate Taxes, Income Taxes, Property Tax, Revenue, SALT, State Taxes

Published In: General Business Updates, Commercial Real Estate 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.

© McNees Wallace & Nurick LLC | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »