Pennsylvania State Tax Updates
On December 22, 2017, the Pennsylvania Department of Revenue issued Corporation Tax Bulletin 2017-02 in which it announced it will disallow the deduction of federal 100% bonus depreciation for Corporate Net Income Tax purposes for an asset placed in service after September 27, 2017, until the year the asset is sold or otherwise disposed.
On January 4, 2018, the Pennsylvania Supreme Court denied the taxpayer’s petition for reargument in Nextel Communications, relating to the constitutionality of Pennsylvania’s 2007 Corporate Net Income Tax NOL deduction limitation. And marketplace facilitators, referrers and remote sellers have until March 1, 2018, to elect for this year to either comply with Pennsylvania’s new consumer use tax notification and reporting regime or to voluntarily collect and remit Pennsylvania sales-and-use tax. A $20,000 penalty may apply for a consumer use tax reporting violation. Click here to read more.