Q&A with the Pennsylvania Department of Revenue

Scenario: shares tax years prior to H.B. No. 465.

Sep 25, 2014

In H.B. No.465, the definition of “institution” was amended to include “a corporation organized under 12 U.S.C. Ch. 6, Subch. II” and "an agency or branch of a foreign depository as defined in 12 U.S.C. sec. 3101.” Are these entities subject to the shares tax in years prior to the amendment?


To the extent they were otherwise included in the definition of “institution” and were “located” in Pennsylvania defined by the statute, they would be subject to shares tax for years prior to the amendment.

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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.