Q&A with the Pennsylvania Department of Revenue

Are there any plans to revise the policies regarding the taxability of benefits from Nonqualified Deferred Compensation Plans (PIT Bulletin 2005-03 and PIT Guide Chapter 7 at XVII)?

Jun 30, 2011
Although PIT Bulletin 2005-03 will probably not be republished, PIT Guide Chapter 7 is currently being vetted for updating. Policy related issues with respect to documentation to support the basis of any pre-2004 deferrals are not out of line with any IRS related guidelines for keeping track of the basis of an asset.

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These documents provide a summary of the answers provided by the Department of Revenue to the PICPA Committee on State Taxation at its annual question and answer session. These documents are classified as revenue information issued for informational purposes only for the convenience of PICPA members. Pursuant to 61 Pa. Code Section 3.4, these documents should not be relied upon for any purpose or used in tax appeals. Taxpayers requiring a binding opinion on their specific fact situation may request a written letter ruling under 61 Pa. Code Section 3.3.