Pennsylvania HB788 amends the mutual thrift institutions tax, adjusting tax rates and net loss carryover deductions.

Pennsylvania HB788 amends the mutual thrift institutions tax, adjusting tax rates and net loss carryover deductions. The bill sets specific tax rates for different periods, starting with 8.99% for the year 2025 and decreasing annually until 2033. It also modifies the net loss carryover deduction, allowing institutions to carry over losses from the preceding ten years, up to the amount of the current year's net income. The changes apply to taxable years beginning on or after January 1, 2026.

Pennsylvania HB788 amends the mutual thrift institutions tax, adjusting tax rates and net loss carryover deductions.

Pennsylvania HB788 amends the mutual thrift institutions tax, adjusting tax rates and net loss carryover deductions. The bill sets specific tax rates for different periods, starting with 8.99% for the year 2025 and decreasing annually until 2033. It also modifies the net loss carryover deduction, allowing institutions to carry over losses from the preceding ten years, up to the amount of the current year's net income. The changes apply to taxable years beginning on or after January 1, 2026.