Q&A with the Pennsylvania Department of Revenue
Scenario: shares tax years prior to H.B. No. 465.
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.