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Corporate Net Income Corporate Taxes

Lowenstein Sandler LLP

Inflation Reduction Act Tax Implications

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The President is expected to imminently sign the Inflation Reduction Act of 2022 (the “Act”), which was passed by both the Senate and House of Representatives. This Client Alert addresses two main tax provisions in the...more

BakerHostetler

Corporations should analyze and model the impact of Pennsylvania's recently enacted tax law changes

BakerHostetler on

Late in the evening of July 7, 2022, Governor Tom Wolf signed Act 53 of 2022 (Act 53) into law. Act 53 significantly modifies the corporate net income tax (CNIT), subjects certain ride-sharing agreements to sales tax,...more

McNees Wallace & Nurick LLC

Pennsylvania Saga re Unconstitutional Dollar-Based Caps on NOL Deduction Continues

There has been a flurry of litigation in recent years involving taxpayer challenges to the constitutionality of Pennsylvania’s statutory cap on net loss carryover (“NOL”) deductions for tax years prior to 2017. First came...more

Ballard Spahr LLP

Pennsylvania Adopts Economic Nexus Standard for Corporate Net Income Tax

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In Corporation Tax Bulletin 2019-04, the Pennsylvania Department of Revenue (the Department) announced that, effective for tax years beginning on or after January 1, 2020, a corporate taxpayer with $500,000 or more of direct...more

Holland & Knight LLP

Private Equity and Other Carried Interest Funds – Federal Tax Policy Tip Sheet: Issue 2

Holland & Knight LLP on

House GOP leaders on Thursday, Nov. 2, released their anticipated tax-reform proposal. Entitled the "Tax Cuts and Jobs Act," the House Bill includes several proposed changes to the corporate and individual tax system....more

Ballard Spahr LLP

Pennsylvania Supreme Court Declares Dollar-Based NOL Cap Unconstitutional

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In a unanimous decision in Nextel Communications of the Mid-Atlantic, Inc. v. Commonwealth, the Pennsylvania Supreme Court affirmed the Commonwealth Court's holding that Pennsylvania's dollar-based cap on corporate net income...more

Cozen O'Connor

Net Operating Loss Cap is Unconstitutional

Cozen O'Connor on

In RB Alden Corp. v. Commonwealth, No. 73 F.R. 2011 (Pa. Commw. June 15, 2016), the court addressed the taxpayer’s liability for 2006 Corporate Net Income (CNI) Tax on gain from the sale of part of its interest in a...more

McNees Wallace & Nurick LLC

Pennsylvania’s NOL Cap Litigation Moving Forward

In a Corporate Net Income Tax (“CNI”) appeal filed by Nextel Communications of the Mid-Atlantic, Inc. (“Nextel”), the Commonwealth Court will consider whether Pennsylvania’s statutory cap on net operating loss (“NOL”)...more

McDermott Will & Emery

ALJ: New York NOL Deduction Does Not Apply When Tax Is Not Paid on Income Base

McDermott Will & Emery on

A New York State Division of Tax Appeals administrative law judge (ALJ) recently determined that a banking corporation was not required to hypothetically use a net operating loss (NOL) deduction to decrease its entire net...more

McDermott Will & Emery

New Jersey Tax Court Finds Two Pennsylvania Taxes Are Not Required To Be Added Back

McDermott Will & Emery on

In a Corporation Business Tax (CBT) case, PPL Electric Utilities Corporation v. Director, Division of Taxation, Dkt. No. 000005-2011 (N.J. Tax. Ct. Oct. 2, 2014), the Tax Court of New Jersey found for the taxpayer and held...more

McNees Wallace & Nurick LLC

New Corporation Tax Notices and Statements

In 2013, the Pennsylvania Department of Revenue implemented a “modernized” computer system for processing corporate tax returns and maintaining corporate tax accounts for Capital Stock Tax, Foreign Franchise Tax, Corporate...more

Ballard Spahr LLP

Significant Pennsylvania Tax Changes

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The General Assembly made significant changes to a number of Pennsylvania taxes as part of the 2013-2014 budget process. These changes were enacted in Act 52, signed into law on July 9, 2013, and have various effective dates....more

McNees Wallace & Nurick LLC

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...more

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