PICPA Advocacy Overview & Legislative Priorities

1 Accomplishments

2019-2020

• Act 13 of 2019 - The law stipulates that if the executor of an estate and the trustee of a trust make an election under Section 645 of the Internal Revenue Code to treat the income of the trust as part of the estate, the fiduciary may make and file a joint tax return for the estate and trust. If a joint return is filed, the tax liabilities of the estate and trust shall be joint and several. This provision applies to taxable years beginning after Dec. 31, 2019. - Approved by the Governor on June 28, 2019.

2017-2018

• Act 72 of 2018 - Decouples the state’s corporate net income tax law from the bonus depreciation provided in last year’s federal Tax Cuts and Jobs Act. Official bill text can be found here - Signed into law on June 6, 2018.
• Act 18 of 2018 - PICPA provides a summary of the changes, which amend the Local Tax Enabling Act to provide consistency to the local EIT crediting provisions to protect taxpayers from double taxation. Official bill text can be found here - Signed into law on May 4, 2018.
• Act 6 of 2018- Amends Act empowering the General Counsel or his designee to issue subpoenas for certain licensing board activities providing for reporting of sanctions & criminal proceedings, for defs., for suspensions & civil penalties - Signed into law on Feb. 15, 2018
• Act 5 of 2017- Amends pension provisions allowing new employees and lawmakers to choose between three retirement options - Signed into law on June 12, 2017.
• Act 71 of 2017-  Amends the SFCP Act to align audit requirements for financial reports with federal law - Signed into law on Dec. 22, 2017
• Act 72 of 2017 - Makes technical changes to the SFCP Act that will assist organizations filing a registration statement with the Department of State’s BCCO - Signed into law on Dec. 22, 2017

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