Legislative Accomplishments
2021-2022 Session
Act 110 of 2022 enacted much-needed changes to Pennsylvania's CPA Law. These changes include the following:
- Directs the Pennsylvania State Board of Accountancy to adopt a nationally recognized code of professional conduct.
- Revises numerous peer review standards.
- Expands the scope of classes eligible for an accounting degree to include economics and technology.
- Permits an applicant for licensure to sit for the CPA Exam upon completing 120 semester credits without a degree being conferred.
Learn more about the major legislative changes to Pennsylvania's CPA Law. Signed into law on Nov. 3, 2022.
Act 108 of 2022 provides a phase-in schedule for increasing the threshold that requires quarterly estimated personal income tax payments and creates and expands tax credit programs to support targeted investments in key industries. Signed into law on Nov. 3, 2022.
Act 103 of 2022 extends the ability of businesses operating in Philadelphia to carry forward net operating losses (NOLs) from three years to 20 years. Signed into law on Nov. 3, 2022.
Act 53 of 2022 incorporates tax law changes, including CNI rate decrease, federal conformity to IRC Section 179 expense deductions and to IRC Section 1031 like-kind exchanges. Signed into law on July 8, 2022.
Act 17 of 2022 amends the Local Tax Enabling Act further providing for declaration and payment of income taxes in the consolidated collection of local income taxes. Signed into law on April 19, 2022.