Pennsylvania SB656 amends corporate net income tax definitions, reporting, and payment requirements for unitary businesses.
Pennsylvania SB656 amends the Tax Reform Code of 1971 to redefine terms like "unitary business" and "taxable income" for corporate net income tax. It requires unitary businesses to file combined annual reports and pay taxes based on a water's-edge basis. The bill also modifies the apportionment of income and deductions among members of a unitary business, excluding certain transactions and income from tax havens. It applies to taxable years beginning after December 31, 2025.
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