News & Analysis as of September 19, 2024

Income Taxes › Governor Wolf

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

PA Welcomes 1031 Tax Deferred Exchanges

Tucker Arensberg, P.C. on 7/29/2022

Many real estate investors in Pennsylvania have had an unpleasant surprise when they learn that the Commonwealth has never recognized the 1031 Tax deferred exchanges for Pennsylvania income tax purposes. After years of...more

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

BakerHostetler on 7/28/2022

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

Pennsylvania Cuts Corporate Tax Rate, Makes Other Changes to Corporate Tax Law

McDermott Will & Emery on 7/15/2022

Pennsylvania Governor Tom Wolf has signed into law omnibus tax legislation to implement the Commonwealth’s fiscal year 2022 – 2023 budget. Among other things, the enacted legislation: (1) cuts the corporate net income tax...more

Keystone State Targets the Gig Economy: Pennsylvania’s New Nonemployee Withholding and Reporting Requirements

Ogletree, Deakins, Nash, Smoak & Stewart,... on 6/15/2018

On October 30, 2017, Governor Tom Wolf of Pennsylvania signed into law Act 43 of 2017. This new law provides that beginning July 1, 2018, Pennsylvania businesses that pay at least $5,000 in Pennsylvania-source nonemployee...more

Tax Increases Part of Governor Wolf’s 2016-2017 Proposed Budget

McNees Wallace & Nurick LLC on 5/5/2016

On February 9, amidst the Commonwealth’s longest-ever budget standoff over the 2015-2016 budget, Governor Wolf presented his 2016-2017 budget address to the General Assembly with combative and pointed remarks. While there...more

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