Pennsylvania SB576 amends the Tax Reform Code of 1971 to adjust the tax rates for mutual thrift institutions.

Pennsylvania SB576 modifies the Tax Reform Code of 1971 by changing the tax rates for mutual thrift institutions. Beginning with taxable years starting in 2025, the tax rates will decrease annually from 7.95% to 4.99% by 2031. The bill also specifies that institutions must report their taxable net income annually and pay estimated tax based on the provisions of the act. The changes apply to mutual thrift institutions in Pennsylvania.

Pennsylvania SB576 amends the Tax Reform Code of 1971 to adjust the tax rates for mutual thrift institutions.

Pennsylvania SB576 modifies the Tax Reform Code of 1971 by changing the tax rates for mutual thrift institutions. Beginning with taxable years starting in 2025, the tax rates will decrease annually from 7.95% to 4.99% by 2031. The bill also specifies that institutions must report their taxable net income annually and pay estimated tax based on the provisions of the act. The changes apply to mutual thrift institutions in Pennsylvania.