Taxes

On the heels of news that Pennsylvania ranks 42nd in the nation for best places to do business, the CompetePA Coalition is calling on lawmakers to change the corporate tax structure. In particular, the group is asking that the $3 million cap on net operating loss (NOL) carryforwards be eliminated.

Lights, Camera But Where's the Action?

May 9, 2013
31 Street Studios / Facebook

In recent years the number of movies shot in Pittsburgh has some people calling us "Hollywood East."  However, it appears the city and state have become victims of their own success.

Filmmakers have gravitated to Pittsburgh over the years for a number of reasons, including affordability. But Pennsylvania's current tax credit allotment is capped at $60 million a year.  That money dries up quickly in the film industry. So how can Pennsylvania keep up with states like Louisiana, and Georgia, which have no tax credit limit? And what more can be done to lure film and television production to the state?

Guest

Chris Breakwell CEO of 31st Street Studios.

Pittsburgh Urban Initiatives (PUI) has been awarded $35 million in tax credits by the U.S. Department of the Treasury to help spur investments in the city’s low-income communities.

The New Markets Tax Credit Program began in 2000 and allows individual corporations and investors to receive a credit against their federal income tax in exchange for making equity investments in Community Development Entities such as the PUI.

Investors can then receive 39 percent of their total investment in credits over seven years.

A bill crafted to close a corporate tax loophole in Pennsylvania in a way that’s most palatable to businesses is teed up for consideration by the state House.

The so-called Delaware loophole has bedeviled legislators and governors for years. Its name comes from the practice of corporations that transfer money from commonwealth affiliates to a company in Delaware — a state with no corporate taxes.

There are different ways to go about closing the loophole, and therein lies much of the conflict over a bill that’s passed a committee vote.

Pennsylvania's state government websites are back online after being dark for nearly three hours, but the tax-day outage is prompting a postponement of the filling deadline.

"In light of that outage the Department determined in the interest of customer service it is appropriate to not impose penalties or interest on any personal income tax returns so long as it is filed by midnight today, Tuesday, April 16th," said Pennsylvania Department of Revenue spokesperson Elizabeth Brassell.

Deanna Garcia/90.5 WESA News

As people trickled in and out of the U.S. Post Office in Squirrel Hill to mail in their taxes Monday, a small group of protesters stood outside to speak out against how the federal government spends tax dollars.

In particular, they said too much is spent on the military.

“We feel that by reducing the military budget, we could afford to put more money into healthcare, housing, mass transit, infrastructure, all those things,” said Eva Havlicsek, a member of the Women’s International League for Peace and Freedom (WILPF).

IRS Warns of Tax Scams

Mar 18, 2013

While most people have seen spam reading— “the IRS doesn’t want you to know about this!” or “So new, your tax professional doesn’t even know about it!”— the Internal Revenue Service is urging people not to open those emails or follow those links.

IRS spokeswoman Jennifer Jenkins said, with tax season upon us, people can easily be scammed or have their identities stolen.

Jenkins said scammers get to people by sending them emails or messages through social media pretending to be from the IRS. She said they then gain access to sensitive information to steal an identity.

Swapping school property taxes for increased sales and income taxes could be the solution for the decades-long battle over how to fund basic education in Pennsylvania.

A bipartisan coalition of state lawmakers unveiled the latest version of the Property Tax Independence Act on Tuesday.

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