On September 27, 2022, the Pennsylvania Department of Revenue (“DOR”) issued a revision of Personal Income Tax Bulletin 2006-07 (the “Bulletin”), which confirms that recent Pennsylvania legislation reversed longstanding caselaw that disallowed deferral of gain recognition for like-kind exchanges. Under Act 53 of 2022, the Commonwealth now conforms with section 1031
Pennsylvania Taxes
Pennsylvania – “Open for Business” or “Open to Tax”
Governor Wolf and other Pennsylvania lawmakers recently passed the state budget for FY22-23 (the “Budget”). Coming in at $45.2 billion, the negotiations entailed to finalize the Budget appear to be worth the effort by having the best of both worlds- increased revenue placing Pennsylvania in a strong fiscal position without having to increase any taxes.…
Is a stormwater fee an impermissible tax? The debate continues in municipalities all across the Commonwealth, but for at least one municipality, the debates have ended.
As a result of changes in federal and state laws related to stormwater management, municipalities across the Commonwealth have been forced – in order to comply with the new laws – to seek new funding sources and to regulate businesses located within the municipality. The deadline for compliance for municipalities is quickly approaching – September…
Pennsylvania Department of Revenue extends Voluntary Compliance Program for Retailers with Inventory in Pennsylvania
The Pennsylvania Department of Revenue has extended its Voluntary Compliance Program (“Program”) for any business that has inventory or stores property in Pennsylvania but is not registered to collect and pay Pennsylvania taxes. The Program, which runs through June 8, 2021, offers a limited lookback period and penalty relief when the business becomes compliant.
Taxpayers…