HB1471

Pennsylvania HB1471 amends the Tax Reform Code of 1971 to allow a credit for income taxes paid to other states.

Pennsylvania HB1471 amends the Tax Reform Code of 1971 to allow a credit for income taxes paid to other states. This credit applies to resident taxpayers and certain entities like Pennsylvania S corporations, limited liability companies, and partnerships. The credit cannot exceed the proportion of the tax due in Pennsylvania relative to the taxpayer's total taxable income. Instead of submitting copies of state returns, taxpayers can provide a certified statement detailing their share of taxable income and state income tax paid.