PA Governor Announces New $225 Million Grant Program for Small Businesses Impacted by COVID-19

Posted · Add Comment

On June 8, 2020, Pennsylvania Governor Tom Wolf announced a $225 million grant program to support the State’s small businesses that were negatively impacted by the COVID-19 pandemic and forced closure orders. Eligible businesses will be able to use the grants to cover operating expenses during the shutdown and transition to reopening, and for technical […]

PA CARE Package to Provide Consumer Loan Relief

Posted · Add Comment

On March 30, 2020, the Pennsylvania Attorney General’s office launched “PA CARE Package,” an initiative focused on securing economic relief for Pennsylvanians impacted by the COVID-19 outbreak. This program will implement and expand on the recently passed federal CARES Act to protect Pennsylvania consumers. Under the PA CARE Package initiative, banks and financial institutions across […]

Pennsylvania Creates Small Business Assistance Loan Program

Posted · Add Comment

On March 25, 2020, Pennsylvania Governor Tom Wolf announced that the State has created a $60 million loan program, the COVID-19 Working Capital Access (CWCA) Program, to assist small businesses that have been negatively affected by the closures and restrictions mandated the novel coronavirus prevention measures. The Commonwealth Financing Authority’s Small Business First Fund recently […]

PA Extends State Tax Return and Payment Deadlines for 2019

Posted · Add Comment

As is well known by now (see related posts below), the federal government has extended the due dates for filing your 2019 income tax returns, as well as any payments due, until July 15, 2020. While Pennsylvania law statutorily ties state returns for corporations to the federal extension, such is not the case for individuals, […]

No Tax Increases Proposed in Governor’s Budget

Posted · Add Comment

Pennsylvania Governor Tom Wolf recently proposed a 2019 – 2020 state budget.  The good news, initially, is that the Governor did not include any call for increased state income and sales taxes and, in fact, contains proposals to reduce the corporate state income tax as a means of making the Commonwealth more competitive in drawing […]

PA Announces Measurement Dates for Economic Nexus Standards

Posted · Add Comment

Recently, Pennsylvania adopted an economic nexus standard with respect to determining whether an out-of-state entity is required to register for a license and subsequently collect, report and remit Pennsylvania Sales Tax.  The Commonwealth measures its sales and use tax economic nexus threshold by calendar-year sales preceding the collection period. Additionally, after the first year, collection […]

PA Adopts Economic Nexus Standard for Sales Tax Collection

Posted · Add Comment

Sales Tax Background Most states have historically looked to nexus as a condition relevant to their capability to levy sales taxes. For decades, states have been bound by the United States Supreme Court National Bella Hess and Quill decisions in defining the required nexus standard for levying taxes in those states. The most relevant determinant of nexus […]

PA Amends Definition of “Income” for Property Tax/Rent Rebate Program

Posted · Add Comment

For many Pennsylvania seniors, the property tax and rent rebate program has been an important tool in their financial planning. One of the inequities in computing the appropriate rebate has been in the treatment of pension benefits that were fully included in the calculation of income to determine qualification for the rebate. Now, a recently-passed […]

Pennsylvania Restores Bonus Depreciation Deduction

Posted · Add Comment

One of the more complex matters facing state budgets is how best to deal with the largess of the federal government’s business incentives included in federal tax legislation. There is probably no area of the federal tax law where this issue is more costly for states than the capital expenditure initiatives included in several recent […]

PA Clarifies Guidance on Corporate Income Tax NOL Deductions

Posted · Add Comment

On May 10, 2018, the Pennsylvania Department of Revenue issued new guidance stating that a corporate taxpayer can calculate its 2007 through 2016 net operating loss (NOL) using the greater of: the flat dollar cap; or the percentage cap. For tax years before 2007, Pennsylvania applies the flat dollar cap. The turnabout in the Commonwealth’s […]