Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.
Seven days after the 2022-2023 fiscal year began on July 1, Gov. Tom Wolf and state lawmakers did finally adopt a $42.8 billion state General Fund appropriations bill. This year there was big news on the tax front: there will be a staged reduction in the Pennsylvania corporate net income (CNI) tax rate -- the state’s first CNI tax rate reduction in more than two decades.
The process of making legislation can get messy, and sometimes you might be better off not watching it. But to remove some of the mystery of surrounding lawmaking, this blog describes the process in Pennsylvania through which state tax laws are enacted or, in some cases, repealed.
The Pennsylvania elections -- both state and federal -- are receiving national attention this year, and the May 17 primary will determine which candidates will move forward as their parties' nominees for the November general election. This blog provides an overview of your primary election options, at both the state and federal levels.
Sales and Use Tax Bulletin 2021-05 covers the taxation of equipment rental and equipment rental with operators. The bulletin restates the presumption that when a vendor provides the use of equipment with an operator, the transaction is a rental of equipment. As such, the charge is subject to Pennsylvania sales and use tax. This is very important to vendors of equipment rentals and services involving the use of equipment who should review their contracts to verify that the sales and use tax treatment is consistent with Pennsylvania regulations.
With both the political and economic environments seemingly ripe for such a discussion, the Pennsylvania General Assembly appears poised to address a variety of tax law changes. One that could appear on the legislative agenda is PICPA’s effort to address the growing inequity in state and local taxation via an elective pass-through entity tax.