Pennsylvania enacts intangible expense addback, market-based sourcing, and other significant tax changes

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On July 9, 2013, Pennsylvania Governor Tom Corbett signed H.B. 465, which makes significant changes to Pennsylvania taxes, including: adopting intangible expense addbacks, expanding the cap on the net operating loss deduction, requiring market based sourcing for services, extending the phase-out of the Capital Stock/Franchise Tax for 2 years, implementing comprehensive Bank Shares Tax reform, modifying and creating certain tax credit programs, and broadening the application of the realty transfer tax.


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