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
Is a PA trust company subject to the Bank Shares Tax also subject to the Corporate Net Income Tax and the Capital Stock and Franchise Tax?
If the activity of the trust company is sufficient to create nexus then it will be subject to the CSFT and CNI Tax in the same manner as any trust.