Pennsylvania HB2373 amends the Tax Reform Code of 1971 to adjust the gross receipts tax for electric light, waterpower, and hydro-electric utilities.

Pennsylvania HB2373 amends the Tax Reform Code of 1971 to modify the gross receipts tax for electric light, waterpower, and hydro-electric utilities. It establishes an apportionment formula for the tax based on operating and maintenance expenses and depreciation in Pennsylvania. The bill also provides for a tax holiday and requires utilities to pass the benefits of the holiday to consumers, with penalties for non-compliance. Additionally, it mandates reporting requirements and sets a minimum transfer amount from the tax for the Alternative Fuels Incentive Act for the 2026-2027 fiscal year.

Pennsylvania HB2373 amends the Tax Reform Code of 1971 to adjust the gross receipts tax for electric light, waterpower, and hydro-electric utilities.

Pennsylvania HB2373 amends the Tax Reform Code of 1971 to modify the gross receipts tax for electric light, waterpower, and hydro-electric utilities. It establishes an apportionment formula for the tax based on operating and maintenance expenses and depreciation in Pennsylvania. The bill also provides for a tax holiday and requires utilities to pass the benefits of the holiday to consumers, with penalties for non-compliance. Additionally, it mandates reporting requirements and sets a minimum transfer amount from the tax for the Alternative Fuels Incentive Act for the 2026-2027 fiscal year.