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Article: Corporate net income tax to pack a. (Pennsylvania tax changes)
- Article from:
- Accounting Today
- Article date:
- February 3, 1992
CopyrightCOPYRIGHT 1992 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HARRISBURG, Pa. -- Pennsylvania CPAs expect their state's new tax changes to further cripple the Keystone state's already staggering economy.
A poll of members by the Pennsylvania Society of CPAs shows that over 85 percent of the respondents rate current business conditions in the state as "bad," with none of those canvassed describing conditions as good.
The survey found that the most impact on the tax front came from the increased corporate net income tax, which was raised in August from 8.5 percent to 12.25 percent, and the increased capital stock/franchise tax. Both are retroactive to Jan. 1, 1992.
Rising state and local taxes along with ...