PA
Pennsylvania House Bill HB1482

Pennsylvania 2023-2024 Regular Session

Pennsylvania House Bill HB1482

Introduced
6/21/23  

Caption

In corporate net income tax, further providing for imposition of tax.

Impact

The implications of HB 1482 on state laws include potential changes to revenue sources for state funding. By adjusting tax rates and structures, the bill may either increase or decrease the overall tax burden on corporations, which in turn could affect the state budget based on anticipated revenue from corporate taxes. Business advocates indicate that a more predictable tax regime could encourage economic growth within the state, while also enhancing the competitiveness of local businesses against out-of-state corporations.

Summary

House Bill 1482 aims to modify the existing corporate net income tax regulations. The proposed changes focus on the imposition of tax on corporate entities, potentially impacting how businesses report their income and file taxes at the state level. By revising the stipulations related to corporate taxation, the bill is expected to streamline the tax framework for corporations operating within the state. Supporters argue that these modifications could lead to a more equitable taxation system for businesses of various sizes, while also promoting transparency in corporate financial disclosures.

Sentiment

The sentiment surrounding HB 1482 has been mixed among legislators and stakeholders. Proponents of the bill praise the initiative as a necessary step towards updating an outdated tax structure that may hinder business growth. Conversely, critics express concerns that any tax increases or shifts in liability may disproportionately affect small businesses, leading to potential layoffs or reduced investment in local communities. Overall, the discussions highlight a critical balancing act between fostering economic growth and ensuring fair taxation.

Contention

Notable points of contention surrounding HB 1482 include debates over the tax rates imposed on corporations and the fairness of tax structures proposed in the bill. Some legislators fear that changes could negatively impact small businesses, which may not have the same financial resources as larger firms to absorb increased tax liabilities. Others argue that the bill overlooks the necessity of reinvesting in local communities through adequate taxation of profitable corporations. This tension between business interests and equitable taxation continues to frame the discourse around HB 1482.

Latest HB1482 Activity

Companion Bills

No companion bills found.

Previously Filed As

PA SB345

In corporate net income tax, further providing for imposition of tax.

PA HB1414

In corporate net income tax, further providing for imposition of tax.

PA HB1447

In corporate net income tax, further providing for imposition of tax.

PA HB760

In corporate net income tax, further providing for imposition of tax.

PA SB207

In corporate net income tax, further providing for imposition of tax.

PA HB1550

In corporate net income tax, further providing for definitions, for imposition of tax, for reports and payment of tax and for consolidated reports; and, in general provisions, further providing for underpayment of estimated tax.

PA HB1219

In personal income tax, further providing for classes of income and for special tax provisions for poverty and providing for alternative special tax provisions for poverty; in corporate net income tax, further providing for definitions, for imposition of tax, for reports and payment of tax, for consolidated reports and for manufacturing innovation and reinvestment deduction; in realty transfer tax, further providing for transfer of tax; in tax credit and tax benefit administration, further providing for definitions; in entertainment production tax credit, further providing for definitions, for credit for qualified film production expenses, for carryover, carryback and assignment of credit and for limitations; in Pennsylvania Economic Development for a Growing Economy (PA EDGE) tax credits, providing for biotechnology; in neighborhood assistance tax credit, further providing for tax credit and for grant of tax credit; providing for expanded neighborhood improvement zones; in Pennsylvania Child and Dependent Care Enhancement Tax Credit Program, further providing for credit for child and dependent care employment-related expenses; providing for Public Transportation Trust Fund; and, in general provisions, further providing for underpayment of estimated tax, for method of filing and for allocation of tax credits.

PA SB858

In mutual thrift institutions tax, further providing for imposition, report and payment of tax and exemptions.

PA HB788

In mutual thrift institutions tax, further providing for imposition, report and payment of tax and exemptions.

PA SB576

In mutual thrift institutions tax, further providing for imposition, report and payment of tax and exemptions.

Similar Bills

No similar bills found.