PICPA Advocacy Overview & Legislative Priorities

Legislative Accomplishments

2019-2020

Act 90 of 2019 amends the Tax Reform Code, in personal income tax, to establish a 10-year period for the Department of Revenue (DOR) to collect all assessed state taxes. It provides an exception for the inheritance tax and an exclusion from the sales and use tax for canned computer software directly used by a financial institution conducting the business of banking.

Furthermore, it authorizes the DOR to enter into agreements with financial institutions and for financial institutions to share with the DOR certain bank account information for purposes of delinquent tax collections through a Financial Institution Data Match (FIDM). The new section relating to the time period for collection of assessed taxes will take effect on Jan. 1, 2021.
- Signed into law on Nov. 27, 2019

Act 13 of 2019 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. - Signed into law on June 28, 2019

2017-2018

Act 72 of 2018 decouples Pennsylvania's corporate net income tax law from the bonus depreciation provided in the Tax Cuts and Jobs Act. The official bill text can be found here - Signed into law on June 6, 2018

Act 18 of 2018 amends the Local Tax Enabling Act to provide consistency to the local EIT crediting provisions to protect taxpayers from double taxation. The official bill text can be found here - Signed into law on May 4, 2018

Act 6 of 2018 amends the act of July 2, 1993 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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