Pennsylvania – Philadelphia Amends Electronic Filing and BPT Regulations

SALT Report 1269 – The Philadelphia Revenue Department has amended regulations regarding electronic filing requirements for a variety of taxes and has amended the definition of receipts for the business privilege tax.

Electronic and Filing and Payment

The department will periodically determine or change the parameters for taxpayers who electronically file tax returns and remit their payments through EFT.  The parameters for a particular taxpayer will be determined by using the tax filings and payments from the prior calendar year.  Previously, taxpayers were required to file and pay electronically if they remitted an average of at least $20,000 per month.  The parameters, if changed, will be posted on the Department’s website and taxpayers will be notified. Additionally, if a taxpayer is required to electronically file a return and fails to do so, they will be charged $500 for every occurrence.

Business Privilege Tax

The Business Privilege Tax regulation has been amended for tax year 2011 and thereafter to state that any interest or fees received on loans made under the federal New Markets Tax Credit program will be omitted from the tax base when computing the gross receipts portion of the BPT.

For Further Information:

Philadelphia Revenue Department – What’s New

Business Privilege Tax

Electronic Filing