We provide here a written summary of answers provided by the Department of Revenue to the committee at periodic question and answer sessions. 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 a specific fact situation may request a written letter ruling under 61 Pa. Code Section 3.3.
Q&A with the Pennsylvania Department of Revenue
An institution is formed in PA in Dec. 2014 and only has $90,000 in PA apportioned gross receipts as of Dec. 31, 2014. Is the institution subject to the bank shares tax?
No, the entity would not be subject to the shares tax. However, the entity would be subject to the corporate net income and capital stock franchise taxes.