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.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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