Tax News

CCH (cch.taxgroup.com) reports:

Pennsylvania has enacted legislation that authorizes the expansion of, and the extension of expiration dates of, Keystone Opportunity Zones (KOZs), Keystone Opportunity Expansion Zones (KOEZs), and Keystone Opportunity Improvement Zones (KOIZs). The legislation also authorizes the creation of additional KOEZs, expands the sales and use tax exemption available to contractors, modifies the corporate net income tax credit apportionment formula, and disqualifies taxpayers who employ illegal workers. Tax benefits available to businesses and residents located in KOZs, KOEZs, and KOIZs include a sales and use tax exemption, a property tax abatement, and credits against corporate and personal income, capital stock and franchise, insurance gross premiums, bank shares, and mutual thrift institutions taxes.