Closing the loophole: Why some businesses pay less in corporate taxes and how Democrats want to fix it

Closing the loophole: Why some businesses pay less in corporate taxes and how Democrats want to fix it

Currently, businesses and corporations in Pennsylvania can shift their earnings to states with lighter tax burdens to pay less in corporate net income taxes.

 

It’s a strategy that is commonly referred to as the “Delaware loophole” since Delaware does not levy a corporate net income tax on business subsidiaries holding intangible assets. This allows multi-state businesses to transfer money to their Delaware-based subsidiary through transactions and other maneuvers to avoid paying the CNIT in other states, including Pennsylvania.

Wednesday, July 17, 2019/Author: Justin Sweitzer
Categories: News and Views
PGCB announces May sports betting numbers

PGCB announces May sports betting numbers

The Pennsylvania Gaming Control Board announced Tuesday that the state’s sports books took in over $2.86 million in revenue on over $35.9 million in handle for the month of May. This includes over $573,000 from PlaySugarHouse.com, the state’s first online book.
 
Pennsylvania joined a handful of other states last month in offering online/mobile sports betting, in addition to retail outlets at licensed facilities. Testing on PlaySugarHouse.com started on May 28 for three days before formally launching on May 31.
Wednesday, June 19, 2019/Author: Marco Cerino
Categories: News and Views
Did You Get The Memo? Incarcerated mothers, veteran tax exemptions and fireworks

Did You Get The Memo? Incarcerated mothers, veteran tax exemptions and fireworks

Amid all the floor debates, press conferences and committee hearings, the Pennsylvania General Assembly’s newest co-sponsorship memos can get lost in the shuffle. That’s why The PLS Reporter rounds up some of the most noteworthy co-sponsorship memos each week — so you can stay informed of what’s going on in the Capitol.

In this week’s feature are memos for proposals that address the treatment of incarcerated mothers, prevailing wage requirements for school districts and municipalities and state laws pertaining to fireworks.
Friday, May 24, 2019/Author: Justin Sweitzer
Categories: News and Views
Tweets of the Week - April 15, 2019

Tweets of the Week - April 15, 2019

Check out the week as tweeted from lawmakers, influencers, and others around Pennsylvania state government.
Friday, April 19, 2019/Author: Mike Howells
Categories: Features
Pennsylvania could see $50 million a year in sports gambling revenue

Pennsylvania could see $50 million a year in sports gambling revenue

Newly released numbers show the Department of Revenue estimates Pennsylvania can anticipate between $40 and $50 million in tax revenue annually once all sports wagering licensees are fully operational.

For fiscal year 2018-19, the department predicts $11.2 million in tax revenue from the recent sports wagering expansion, allowed by a recent U.S. Supreme Court ruling. For fiscal year 2019-20, the number is expected to increase to $33.6 million.

However, a 2017 study conducted by Oxford Economics indicates once sports wagering is more convenient nationally, the commonwealth would experience a decrease in tax revenue due to the high tax rate.

Monday, December 10, 2018/Author: Robert Cochran
Categories: News and Views
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