PA
Pennsylvania Senate Bill SB858

Pennsylvania 2023-2024 Regular Session

Pennsylvania Senate Bill SB858

Introduced
7/6/23  
Refer
7/6/23  

Caption

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

Impact

The potential impact of SB858 on state laws includes a streamlined approach to the taxation of mutual thrift institutions. By establishing clear guidelines on imposition and exemptions, the bill could influence the operational capabilities of these institutions, potentially encouraging further investment and economic activity in this sector. Conversely, it may also raise scrutiny regarding the fairness of tax benefits allocated to mutual thrift institutions in contrast to traditional financial bodies.

Summary

SB858 focuses on the taxation policies surrounding mutual thrift institutions within the state. Specifically, it addresses the imposition, reporting, and payment of taxes as well as the criteria for exemptions applicable to these financial entities. The bill aims to clarify existing tax legislation and potentially adjust the financial landscape for mutual thrift institutions, aligning state tax policy on these entities with current economic and regulatory conditions.

Sentiment

Sentiment surrounding SB858 appears to be cautiously optimistic, with supporters highlighting the necessity for clear regulatory standards that could foster growth within the mutual thrift institution sector. However, there are concerns among some legislators and advocacy groups about whether potential tax exemptions could lead to an uneven playing field in the financial services market, particularly affecting smaller competitors not benefiting from similar fiscal advantages.

Contention

Notable points of contention stem from the potential ramifications of the bill on the overall financial regulatory landscape. Proponents argue that it provides necessary relief and clarity to mutual thrift institutions, promoting their viability and sustainability. Critics, however, caution that the bill might pave the way for preferential treatment of specific financial entities, detracting from a level playing field that benefits the broader economy and potentially complicating tax collection processes for state authorities.

Latest PA SB858 Activity

View All Events: PA 2023-2024 Regular Session SB858

Companion Bills

No companion bills found.

Previously Filed As

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.

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 SB161

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 HB1462

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

PA SB656

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

PA SB269

In personal income tax, further providing for imposition of

PA HB1482

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 SB345

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

Similar Bills

No similar bills found.