Pennsylvania: Tax and unclaimed property changes are enacted

Pennsylvania: Tax and unclaimed property changes

Pennsylvania's governor on July 13, 2016, signed into law legislation that revises provisions of the Pennsylvania tax law.

Related content

The legislation includes measures revising or concerning:

  • The taxation of digital goods
  • The tax treatment of vendor's discounts
  • A variety of sales and use tax changes affecting the timber industry, the taxation of packing materials and cartons, convention-related services 
  • Changes to the corporate net income tax due date, and amended reports
  • Bank shares taxation, including a rate increase and changes to the tax base determination and to the apportionment rules
  • A tax amnesty program 
  • An incentives program for data centers
  • Unclaimed property 

House Bill 1198 implements the budget, and includes as revenue raisers: (1) a substantial increase to the tax on cigarette and tobacco products; (2) extending the tax to smokeless tobacco and e-cigarettes; and (3) other non-recurring items, such as the establishment of a tax amnesty program. 

House Bill 1605 makes a number of changes to the unclaimed property laws.

 

Read a July 2016 report [PDF 188 KB] prepared by KPMG LLP

© 2016 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit

KPMG's new digital platform

KPMG's new digital platform